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Monday September 25th, 2023

Sri Lanka tuk-tuk drivers refuse to drop fares, demand 30-litre weekly quota

TukTuks in Colombo, should they be disciplined and regulated?/Amitha Thennekoon EconomyNext

ECONOMYNEXT – Sri Lanka’s All Island Threewheeler Drivers’ Association said it will not reduce taxi fares despite a doubling of the petrol quota issued to tuk-tuks and is demanding a weekly quota of at least 30 litres.

“Fares will not be decreased because the quota is still not enough for hires,” Association chairman Lalith Dharmasena said.

Sri Lanka has been restricting fuel supply due to depleting foreign exchange and has been managing the island’s consumption through a QR code-based quotas system that was initiated in August.

“Even if we got fuel for free we won’t reduce prices. For a week, we need 30 liters if we run an average of 100 kilometres a day,” said Dharmasena.

Transport providers also complain that prices of vehicle spare parts have been skyrocketing, which is why fares have remained stagnant amidst an increase in fuel quotas and decreases in the price of petrol.

However, Sri Lanka’s Finance Ministry had announced a removal in the import restrictions against spare parts of vehicles in the foreseeable future.

According to registrations at provincial and divisional secretaries, Power & Energy Minister Kanchana Wijesekera said, there are only 350,000 commercial tuk drivers in the country and a registration process will be initiated to identify these drivers to include them in the QR system.

The increased quota registration will begin on November 01 and other provinces will see an increase in stages, he said. (Colombo/Oct25/2022)

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  1. sacre blieu says:

    The hopeless public who have to depend on public transport, such as these modes, are now caught in the grip of scissors and made prisoners of extortion. If the state services are not efficient, in particular the CTB’s intercity and interstate services transport, all will be lost.

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  1. sacre blieu says:

    The hopeless public who have to depend on public transport, such as these modes, are now caught in the grip of scissors and made prisoners of extortion. If the state services are not efficient, in particular the CTB’s intercity and interstate services transport, all will be lost.

Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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