ECONOMYNEXT – Sri Lanka is considering all options in its fuel price review after private fuel retailers complained of a loss of up to Rs.160 per liter of diesel, Energy Minister Anura Karunathilaka said.

His comment comes amid a demand for diesel from private fuel retailers with some pumps have gone empty.

The Minister said some private retailers having said they incur a loss of Rs.160 per liter of diesel and they are unable to continue in the same manner.

“The global prices have risen sharply, but selling price in our country is far below the global prices,” Minister Karunathilaka told reporters on Monday when he was asked about the fuel price revisions.

“Some private retailers have said they cannot go forward like this. So, we consider their plea and expect to take steps accordingly in the future.

He said there are a few options the government considers in the review.

“It could be done in several ways, as you are aware, when prices rose sharply in April and May, the government provided a subsidy of Rs. 100 for diesel per liter and Rs. 20 for petrol. We can go in a similar way or we can also arrive at a decision on the prices,” he said.

“We can decide on an upper and lower limit and ask these private retailers to choose their own selling price between the two to determine the price.”

“We will consider all these and as a government we will consider both the consumers and the complaints from the private retailers when arriving at a decision.

The Minister also said there is no scarcity in fuel stocks.

D J A S De S Rajakaruna, the chairman of the state-owned Ceylon Petroleum Corporation (CPC) said the CPC was facing a loss of Rs. 60 per liter of diesel though that loss is offset by the profits from refinery.

“What we sell this month was ordered last month,” he said explaining why the CPC is not incurring losses as much as private retailers.

Following escalations in the Middle East that sent crude oil prices soaring past $100 per barrel, Sri Lanka’s fuel pricing model faced severe pressure, forcing a series of volatile domestic adjustments to maintain cost-reflective compliance under its International Monetary Fund (IMF) program.

Initially, the CPC enacted massive price hikes of nearly 50% following major conflict events in early 2026, prompting the government to step in with temporary, targeted subsidies for transport and fisheries alongside Aswesuma social welfare safety nets to cushion lower-income households.

While diplomatic negotiations mid-year offered temporary relief, allowing domestic fuel prices to be cut by up to 6% around June, renewed disruptions along key shipping corridors like the Bab el-Mandeb Strait have triggered fresh upward momentum in global benchmarks.

The government has held retail prices steady through early September 2026, but private fuel distributors have begun restricting supply over margin losses under the existing formula. (Colombo/September 14/2026)

ECONOMYNEXT – The new Range Rover electric luxury SUV is now available in Sri Lanka.

The new model is thoroughly electrified and enhanced: Quieter, more responsive, and with more torque than any Range Rover to date, the first-ever Range Rover Electric further enhances Range Rover’s luxury DNA and reductive design.

Clients will experience the absolute Sound of silence: Two 260kW motors give effortless near-silent performance, smoothness, and energy efficiency with V8 levels of power: up to 550PS and greater torque (850Nm), achieving up to 372 miles (WLTP) range.

“Range Rover Electric is the result of a decade of considered engineering and technological development, setting a new benchmark for the original luxury SUV. Electric propulsion is perfectly suited to the exquisite refinement of Range Rover, elevating the sense of calm and secluded sanctuary for occupants,” Martin Limpert, Managing Director, Range Rover, said.

“At the same time, Range Rover breadth of capability is uncompromised thanks to the combination of a powerful, adaptable electric propulsion and advanced chassis technologies that make every Range Rover peerless, accomplished and desired. We took our testing and development programmes even further than originally intended to ensure Range Rover Electric is genuinely the most accomplished Range Rover ever.”

Range Rover Electric is available in both standard and long-wheelbase designs, in SE, HSE, Autobiography, and SV specifications, including SV Ultra and SV Black.

At launch, buyers can select the exclusive First Edition: A curated edition available with a luxurious specification in Belgravia Green, Santorini Black, or Varesine Blue, paired with the newly introduced Light Cloud Ultrafabrics™ PU and Kvadrat™ interior.

The rear cabin features Executive Class rear seats with a powered deployable centre console and an eight-inch Rear Seat Touchscreen controller.

Upgrading to the Executive Class Comfort-Plus package adds heated arm and calf rests, deeper seat cushions, and Hot Stone Massage functionality.

A Front Centre Console Refrigerator Compartment can rapidly chill up to four drinks.

The vehicle also features the Tailgate Event Suite, which opens the tailgate and focuses audio playback through the rearmost speakers, while dimmable spotlights provide high-intensity task lighting. With luxurious tailored cushion sets stowed beneath the boot floor, it creates the perfect place to relax outdoors.

The Range Rover Bespoke commissioning service allows clients near-limitless personalisation. (Colombo/Sep14/2026)

ECONOMYNEXT – Sri Lanka’s rupee closed at 329.15/35 to the US dollar in the spot market on Monday, weaker from the morning’s 328.90/329.00, while bond yields closed up, dealers said.

A bond maturing on 15.09.2027 was quoted at 9.80/95 percent.

A bond maturing on 01.09.2028 was quoted at 10.35/50 percent.

A bond maturing on 15.12.2029 was quoted at 10.70/85 percent, up from 10.60/65 percent.

A bond maturing on 01.08.2030 was quoted at 11.10/15 percent, up from 10.85/90 percent.

A bond maturing on 15.10.2030 was quoted at 11.15/35 percent, up from 10.85/95 percent.

A bond maturing on 15.12.2032 was quoted at 11.60/65 percent, up from 11.30/45 percent.

A bond maturing on 01.11.2033 was quoted at 11.75/85 percent, up from 11.70/80 percent.

A bond maturing on 15.10.2034 was quoted at 11.93/12.00 percent, up from 11.85/95 percent.

A bond maturing on 01.07.2037 was quoted at 12.05/15 percent. (Colombo/Sep14/2026)

ECONOMYNEXT – Sri Lanka’s Colombo Stock Exchange closed down on Monday trading, CSE data showed, with the benchmark All Share Price Index moving down 0.32 percent.

The ASPI was down 68.82 points at 21,313.92, while the more liquid S&P SL20 was down 0.14 percent, or 8.13 points, at 5,994.33.

Positive contributors to the ASPI were Carson Cumberbatch (up 2.05 percent at 735.00 rupees), Commercial Bank of Ceylon (up 0.24 percent at 205.00 rupees), Central Finance Company (up 0.68 percent at 221.50 rupees), and Watawala Plantations (up 1.60 percent at 44.50 rupees).

Dialog Axiata (down 1.04 percent at 47.40 rupees), Aitken Spence (down 2.12 percent at 138.75 rupees), LOLC Holdings (down 1.40 percent at 459.25 rupees), and Ceylon Cold Stores (down 2.07 percent at 118.25 rupees) were top negative contributors.

Market turnover was 1.55 billion rupees. Banks led turnover with 309.87 million rupees.

Anilana Hotels and Properties informed the Colombo Stock Exchange that its hotel properties in Nilaveli, Trincomalee, and Pasikudah were acquired by Sampath Bank under the Recovery of Loans by Banks (Special Provisions) Act No. 4 of 1990.

The company stated it has challenged the bank’s resolution in court and has also filed an application in the Commercial High Court regarding a prospective investor who offered 1.2 billion rupees for the hotel properties in an attempt to reach a compromise with Sampath Bank. (Colombo/September14/2026)

ECONOMYNEXT – Foreign investors bought a net 2,750 million rupees (US$8.5 million) worth of Sri Lanka rupee bonds in the week ended on September 11, Central Bank data showed, amid a steady rupee currency.

The latest buying boosted the foreign buying in the government securities to 92 billion (US$280 million) in the last 13 straight weeks since June 19.

The inflows boosted foreign holding to 213.4 billion rupees, the highest figure the Central Bank has published in its Weekly Economic Indicators.

Officials at the Central Bank, however, could not verify if that is the record high figure as it changes daily with economic volatility.

The net inflows came after the rupee started to stabilize, analysts said.

The rupee currency’s selling rate fell to a near three-year low of 354 against the U.S. dollar on May 21 before recovering and gaining to the 332 level.

The rupee had been steady for more than three years before the sharp depreciation in May with the Central Bank citing higher oil and vehicle imports amid a lingering conflict in the Middle East. The rupee has fallen 5.7 percent through September 11 this year.

Globally, investors are cautious about economic growth due to the impact of the latest Middle East escalation.

The island nation enjoyed a total inflow of around 72.1 billion rupees into rupee bonds so far this year, following a net inflow of 71.5 billion rupees last year.

Analysts said Sri Lanka’s deflationary policies in the past helped inflows amid curtailed imports.

However, the island nation has seen an uptick in inflation in the last five months after a nearly 50 percent hike in fuel prices gradually.

The government reduced fuel prices twice – in the last weeks of June and August.

The Central Bank raised its key monetary policy rate by 100 basis points in May to curb inflationary pressure stemming from higher demand.

Before the May rate hike, the Central Bank kept its key policy rates steady since May 2025 after reducing them by 825 basis points over 24 months since June 2023 and foreign investors have been buying rupee bonds despite slight depreciation in the local currency. (Colombo/September 14/2026)

ECONOMYNEXT – Sri Lanka’s official remittances from expatriate workers rose 10 percent to US$ 748.6 million in August 2026, while they reached US$6,131 million in the first eight months of the year with a 19.8 percent growth, Central Bank data showed.

The remittances hit a seven-month low in June following the rupee’s depreciation after escalation in the Middle East, the largest foreign job market for Sri Lankans. They have recovered since then.

The rupee has been largely stable and showed a slight appreciating trend since July though it has shown some downside pressure this month, currency dealers say.

When there is an uncertainty over the exchange rate, market analysts say, expatriates switch to informal remittance methods like Hawala and Undiyal, which do not go through the formal banking system.

The island nation saw a record monthly remittance of US$879.1 million in December last year and a historically high annual worker remittance of US$ 8,076.2 million in 2025. Analysts say the remittances could reach a new annual record high this year.

Higher worker remittances follow a higher number of the island nation’s labour force leaving the country to search for foreign jobs amid Sri Lanka’s recovery from an unprecedented 2022 economic crisis, official data showed.

Remittances have risen continuously after the central bank abandoned a parallel exchange rate regime in 2022, which compelled most expatriates to switch from informal Undiyal and Hawala money transfer methods.

The island nation has been in the process of sending more migrant workers focusing on professionals to bring in higher foreign exchange since the country declared bankruptcy in 2022.

Worker remittances through official channels fell sharply in 2021 after many expatriates switched to informal money transferring channels because they were offered higher rates than formal banking channels.

The move followed the Central Bank printing money to sterilize interventions and keep a policy rate down, which triggered parallel exchange rates settled outside the formal banking system.

From April 2022, the interest rates were raised by unprecedented levels, slowing credit and the need to print money to keep rates down. Later, the Central Bank started its dovish monetary policy until May this year. (Colombo/September 14/2026)