By Rathindra Kuruwita
Indian and Chinese companies will dominate the lubricant and bunkering markets soon, convenor of the Samagi Jana Balawegaya (SJB) trade union wing, Samagi Joint Trade Union Alliance, Ananda Palitha, said yesterday.
“Sinopec will take over the Southern markets, while Lanka IOC will take over the Northern markets,” he said.
Palitha said these are the two most profit-making sections of the petroleum business.
Palitha also said that there are over 100,000 tonnes of fuel in the Ceylon Petroleum Corporation (CPC) storage units and that the organisation is suffering colossal losses.
“A litre of petrol should be reduced by 80 rupees, diesel by 65-70, kerosene by 120 and naptha by 110. The COC will still make a profit,” he said.
Palitha said that while making the CPC profitable was important, the prices must also be reasonable to encourage economic activity.