Vehicle prices in Sri Lanka are expected to climb sharply following the government’s decision to extend the 50% surcharge on import duties until December 31, which had previously been due to expire on August 15.

According to the Vehicle Importers Association of Sri Lanka (VIASL), the extension will push up showroom prices significantly. 

A Suzuki Wagon R is expected to increase by around Rs. 500,000, a Toyota Raize by Rs. 1 million, a Honda Vezel by Rs. 1.5–2 million, a Toyota Prado by Rs. 3 million, a Land Cruiser by Rs. 5 million, and a double cab by Rs. 2–2.5 million.

Association President Prasad Manage told the media that vehicles currently available in showrooms were imported under Letters of Credit (LCs) opened before May 15, which are exempt from the surcharge. 

However, vehicles imported under LCs opened after May 15 will be subject to the higher duty, leading to price hikes.

“We expected the surcharge would not be extended, but due to various reasons it has been continued. As a result, we can expect further increases in vehicle prices,” Manage said. 

He noted that 90% of vehicles cleared so far were under LCs not subject to the surcharge, but clearing has now begun on vehicles that do fall under the new duty.

Manage added that instead of repeated price changes through surcharges, the government could use alternative tools to stabilize the market, such as revising tax policy, controlling LCs, and implementing fixed rates. 

He warned that continuous surcharges create large fluctuations in the market, while other mechanisms could restrict imports if necessary without causing excessive pricing. (Newswire)

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The Ceylon Petroleum Corporation (CPC) announced today that fuel prices will remain unchanged in August under the monthly price revision scheme. 

Accordingly, prevailing prices will continue without adjustment.

CPC Chairman D.J. Rajakaruna made the announcement during a special press briefing held this afternoon, confirming that no revisions will be applied for the month.

Last month, the CPC reduced the prices of Petrol Octane 92 and Auto Diesel with effect from midnight on June 29. 

The price of a litre of Petrol Octane 92 was reduced to Rs. 414, while Auto Diesel was cut to Rs. 382. 

Prices of all other fuel types remained unchanged at that time. 

Fuel prices for August will remain unchanged, following the June revision as detailed below. (Newswire)

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Several liquor manufacturing companies in Sri Lanka have increased the prices of arrack and other spirits in response to rising fuel costs, it was reported. 

According to media reports, industry sources state the price of a 750 milliliter bottle of the country’s most‑sold arrack has been raised by Rs. 20, while a half bottle has gone up by Rs. 10. 

The price of an old arrack bottle has also been increased by Rs. 50.

In addition, bottles of whisky and brandy have seen a price hike of Rs. 100.

However, the companies state that beer prices remain unchanged despite the adjustments to other categories. (Newswire)

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Brent crude prices slid on Monday after U.S.-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets.

Brent crude fell $1.19, or 1.48 per cent, to $79.38 a barrel by 0416 GMT. Prices had climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from U.S. President Donald Trump to restart the war on Iran and Tehran’s announcement it had again closed the Strait of Hormuz.

U.S. West Texas Intermediate crude futures were at $76.73 a barrel, up 13 cents, ahead of the contract’s expiry later on Monday. The more active August contract fell 21 cents to $75.64 a barrel. There was no settlement in the U.S. market on Friday due to a holiday.

“The decline has been driven primarily by improving prospects for a diplomatic breakthrough between the United States and Iran … reviving hopes that sanctions on Iran could eventually be eased,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

High-ranking U.S. and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said. The talks began on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days.

Iranian Foreign Minister Abbas Araqchi said his country had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development plan for Iran.

“Such a development would allow nearly 1.5 million barrels per day of Iranian crude to return to international markets, significantly improving global supply availability at a time when demand growth remains moderate,” Sachdeva said.

‘VERY REAL RISKS’

Before the talks, the number of ships that passed the Strait of Hormuz fell sharply on Sunday, shipping data showed, after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal.

Israeli strikes in Lebanon killed at least 20 people on Saturday, Lebanon’s state news agency NNA said, one day after a ceasefire with Hezbollah took effect, aimed at halting months of escalating violence.

“Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire,” ING analysts said in a note ahead of the announcement of the conclusion of the talks in Switzerland.

Still, oil prices fell more than 8 per cent last week on hopes of more supply from the release of cargoes stranded in the Gulf and the potential lifting of U.S. sanctions on Iranian oil as part of the U.S.-Iran deal.

Over 25 million barrels of Iranian oil have passed through the virtual blockade line since Monday, the head of the National Iranian Oil Company, Hamid Bovard, told state TV on Sunday.

The United Arab Emirates, Kuwait and Iraq have offered more oil to customers in the past week.

Iraq plans to restore crude production gradually to between 4.2 million and 4.3 million barrels per day, Iraq’s deputy oil minister for upstream affairs said in a statement on Sunday. (CNA/ Reuters)

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Gold prices in Sri Lanka rose sharply today (15) following a surge in international markets, where the price of gold climbed to USD 4,325.

According to sources from the Colombo Pettah gold market, as of 9.00 a.m. local prices had increased by Rs. 6,000.

A sovereign of 22‑carat gold was recorded at Rs. 360,600 today.

Meanwhile, the price of a sovereign of 24‑carat gold, which stood at Rs. 386,000 on Saturday (13), has risen to Rs. 392,000 today. (Newswire)

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The Ceylon Petroleum Corporation (CPC) has cautioned that fuel prices are unlikely to decrease before September, despite recent declines in global market rates.

“In this month or next month, largely until September, a price reduction cannot be expected. Whether there is an increase, we cannot say at this moment. We are still studying that,” CPC Managing Director Mayura Neththikumarage told reporters today (29).

He explained that international oil prices are announced later today, with CPC typically reviewing them on the 31st of each month. However, since May 31 falls on a Sunday, the corporation will consider today’s global price update before making any decisions.

“Several rounds of discussions need to be held. At this time, we cannot say. Perhaps it remains at this level, or there is a slight increase, which needs to be studied. However, clearly, there will not be a large increase. There is no need to create unnecessary fear regarding this,” he added.

Neththikumarage noted that while prices have eased from earlier highs, they remain well above pre‑war levels. 

A barrel of diesel, which cost USD 290 in April, now trades between USD 140 and USD 150, compared to USD 80–90 before the war. “Fuel prices have decreased, but not to the level before the war,” he said.

The CPC has already finalized fuel orders through August, ensuring adequate supplies until September. 

“If we receive the fuel we have ordered, then we will have sufficient fuel stocks until September of this year. All orders have been finalized for August, which will also arrive in September,” Neththikumarage confirmed. (Newswire)

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Oil prices hit two-week lows on Monday (May 25) on optimism that the United States and Iran were moving closer towards a peace deal, even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East.

The price of North Sea Brent crude and West Texas Intermediate slipped close to 5 per cent to US$99.41 and US$92.49 a barrel, respectively.

Tokyo soared more than 3 per cent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.

Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney and Wellington also climbing. Kuala Lumpur was down 0.1 per cent.

But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.

US President Donald Trump said on Sunday he had informed US negotiators “not to rush into a deal”.

One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.

The release of Iran’s frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.

However, analysts expect that it will take months for oil flows through the strait to return to normal and for damaged oil and gas facilities to be repaired. (CNA)

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Prices of imported milk powder sold in the local market have been increased with immediate effect, milk powder importers confirmed today (20).

According to the latest price revision, the cost of a 450‑gram packet of imported milk powder has risen by Rs. 50.

It is reported that the price of a 1‑kilogram packet has been increased by Rs. 125. (Newswire)

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The All-island Canteen and Restaurant Owners’ Association says the prices of fried rice, kottu, and rice and curry packets have been increased by Rs. 20, from midnight today (06).

According to the Association, food prices have been increased due to the significant rise in gas prices.

The Association added that, however, the prices of short eats were reduced by Rs. 10 due to the reduction in coconut oil prices. (Newswire)

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The National Medicines Regulatory Authority (NMRA) has warned of a possible increase in medicine prices, citing rising foreign exchange rates, production costs, transport, and insurance charges.

According to the Aruna newspaper, NMRA Chairman Specialist Dr. Ananda Wijewickrama said pharmaceutical companies have already written to Health Ministry Secretary Specialist Dr. Anil Jasinghe, requesting a price hike of at least 7% for 60 medicines currently under price control.

The report further states that State Pharmaceutical Corporation Chairman Shantha Bandara noted that when price controls were imposed, the US dollar stood at Rs. 295, but as of March 24, it had risen to Rs. 317.5, adding extra costs to imports.

He said the 60 controlled medicines now require a minimum 7% price increase, while other imports face higher costs due to rising production expenses, shipping, insurance, and expected electricity tariff hikes.

Sri Lanka imports around 1,800 essential and other medicines, and the current situation has significantly raised import costs, Bandara added.

Meanwhile, the Association of Local Pharmaceutical Manufacturers has also written to the Health Secretary seeking approval to raise prices. 

Local producers said packaging materials, raw materials, and production costs have all increased, compelling them to adjust prices.

They further noted that about 250 medicines are manufactured locally by 13 pharmaceutical companies operating in the country. (Newswire)

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Oil prices fell sharply in early asian trade on Wednesday, with both major benchmarks dropping more than 5% as traders reacted to signs of potential de-escalation in the Middle East conflict as well as a crude inventory build in the U.S.

At the time of writing, WTI crude was trading at $87.51, down 5.24%, while Brent crude had fallen below the psychologically important $100 to $98.03, down 6.08%.

The selloff follows a volatile 48 hours in oil markets, where prices had surged following President Trump’s threat to blow up Iranian power plants and then dropped when he claimed the countries were moving toward an agreement.

New reports suggest that the U.S. has sent a potential peace framework to Iran, sparking hopes of a temporary ceasefire. Iran has added to the downward pressure on prices by circulating a letter to the International Maritime Organization stating that “non-hostile vessels” could transit the Strait of Hormuz in coordination with Iranian authorities.

President Trump said negotiations were progressing and that Iran was “talking sense,” while reports suggested a 15-point settlement proposal could pave the way for a one-month ceasefire. Iran, however, has publicly denied that direct talks are taking place.

To add to the downward pressure, particularly for WTI, the API reported an unexpected build in crude and gasoline inventories for the week ending March 20.

Despite the price drop, underlying geopolitical risks remain significant, and the physical market continues to deal with shortages.

The Pentagon is reportedly preparing to deploy elements of the 82nd Airborne Division to the Middle East, while Israeli officials have threatened to escalate operations against Hezbollah, including a potential ground offensive in southern Lebanon.

For now, the drop below $100 Brent has largely been driven by optimism over a potential deal, but there are no signs of things cooling off in the region before then. The drone attack on a fuel tank at Kuwait International Airport on Wednesday is just the latest example of continued strikes across the Middle East. (Oil Price)

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Cement companies have taken steps to increase prices, marking a fresh burden on the construction industry.

Local manufacturers announced that the price of cement has gone up by between Rs. 150 and Rs. 175. 

The hike comes amid broader cost escalations across the sector.

Chairman of the Sri Lanka National Construction Association, Darrington Paul, said prices of key building materials such as sand, stone, and iron have also risen sharply in recent weeks, adding further pressure on ongoing projects. (Newswire)

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Gold prices in Sri Lanka have recorded a sharp decline over the past three days, in line with the global market downturn, it was reported. 

According to market reports, prices fell by a total of Rs. 29,000 between Thursday (19), Friday, and today (21). 

On Thursday, gold prices dropped by Rs. 13,000, followed by a further Rs. 6,000 reduction yesterday, and another Rs. 10,000 decrease today.

Analysts attribute the decline primarily to the fall in global gold prices below the USD 5,000 mark. 

They note that the strengthening of the US dollar, driven by the impact of the Middle East conflict on the global economy, reduced investment activity and rising oil prices, have also contributed to the drop.

However, analysts stressed that the situation is temporary, adding that once oil prices stabilize, gold prices are likely to rise again. (Newswire)

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Oil prices climbed sharply in early Asian trading on Thursday as the Middle East conflict continued to escalate and energy infrastructure was targeted across the Gulf.

At the time of writing, Brent crude had climbed to $112.00, up 4.27%, while West Texas Intermediate had risen 2.73% to $98.95. 

The latest price spike came after Iran targeted energy infrastructure across the Middle East in retaliation for earlier strikes on its South Pars gas field.

Qatar confirmed that Iranian missile strikes had caused “extensive damage” around the Ras Laffan industrial complex, the world’s largest liquefied natural gas facility and a cornerstone of global gas supply.

Meanwhile, the United Arab Emirates suspended operations at its Habshan gas facility after missile-related incidents, with debris from intercepted projectiles reportedly affecting additional energy infrastructure, including the Bab oil field.

Saudi Arabia, Kuwait, Iraq, and Bahrain continue to be targeted by Iran, with Saudi Arabia reporting that air defences had destroyed a total of 19 drones in the Eastern Province and four missiles launched toward Riyadh.

Shipping also remained under threat, with the UK’s maritime security agency reporting that a vessel east of the Strait of Hormuz caught fire after being struck by an “unknown projectile.” (OilPrice.com)

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Oil prices fell on Tuesday after hitting an over three-year high in ‌the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Brent futures fell $4.17, or 4.2%, to $94.79 a barrel at 0345 GMT, while U.S. West Texas Intermediate (WTI) crude was down $3.81, or 4%, to $90.96 a barrel. Both the ​contracts fell as much as 11% earlier before paring some losses.

Oil surged past $100 a barrel on Monday to hit their ​highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war ⁠with Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call ​with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a ​prolonged supply disruption.

Trump said on Monday in a CBS News interview that he thinks the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.

“Clearly Trump’s comments about a short-lived war has calmed markets. While there was an ​overreaction to the upside yesterday, we think there is an overreaction to the downside today,” said Suvro Sarkar, energy sector ​team lead at DBS Bank, adding that the market is underappreciating risks at these levels for Brent.

“Murban and Dubai grades are still ‌well above $100 ⁠per barrel, so practically nothing much has changed in terms of ground realities,” he added, referring to benchmark Middle Eastern oil grades.

In response to Trump, Iran’s Islamic Revolutionary Guards Corps (IRGC) said they would “determine the end of the war,” and Tehran would not allow “one litre of oil” to be exported from the region if U.S. and Israeli attacks continued, state media reported on ​Tuesday, citing the IRGC’s spokesperson.

Prices, however, remain under pressure as ​Trump considers easing oil sanctions ⁠on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices, according to multiple sources.

“Discussions around easing sanctions on Russian oil, ​comments from Donald Trump hinting that the conflict could eventually de-escalate, and the possibility ​of G7 countries ⁠tapping strategic oil reserves all pointed to the same message – that oil barrels will somehow continue to reach the market,” said Phillip Nova analyst Priyanka Sachdeva in a note on Tuesday.

“Once traders sensed that supply routes could still be maintained, the initial ‘panic ⁠premium’ that ​had pushed prices above the $100 mark yesterday started to fade, and oil ​prices quickly pulled back.”

G7 nations had said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices, but stopped short of committing ​to release emergency reserves. (Reuters)

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Gold hit a fresh record high on Monday, extending a blistering rally as investors piled into havens amid a swirl of geopolitical and policy shocks in recent days.

Spot gold advanced 2% to hit over $4,600 an ounce for the first time, before paring gains slightly, data from LSEG showed. Prices have risen around 6% this year alone so far.

An investigation into Federal Reserve Chairman Jerome Powell and speculation over whether it could hasten a leadership change at the Fed has added a fresh layer of policy risk: “Especially if it results in him stepping down and then leaving the Fed earlier than scheduled and is replaced by someone more in favor of rate cuts,” said Morningstar equity analyst Jon Mills.

Federal prosecutors are examining a $2.5 billion renovation of the Fed’s Washington headquarters and Powell’s testimony to Congress, Powell said Sunday night. The Fed Chair added that the investigation stems from President Donald Trump’s long-running frustration with the Fed’s reluctance to cut interest rates as aggressively or as quickly as he has urged.

The scenario that the appointment of a new Fed Chair may pave the way for faster interest-rate cuts, is traditionally supportive for gold. Lower interest rates tend to lift gold by reducing the opportunity cost of holding a metal that pays no yield. That effect has been amplified by recent U.S. economic data that pointed to a cooling labor market.

Latest flashpoints involving Iran and Venezuela also further catalyzed gold’s appeal as a safe haven. (CNBC)

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The price of gold in Sri Lanka has dropped below the Rs. 300,000 mark compared to recent weeks, it was reported.

According to local gold merchants, the price of a 22-carat gold sovereign is now listed at Rs. 298,000.

This reflects a decrease of Rs. 81,000 compared to Friday, October 17, when the price of a 22-carat gold sovereign stood at Rs. 379,200.

Meanwhile, the price of a 24-carat gold sovereign, which was Rs. 410,000 on Friday, has now fallen to Rs. 322,000. (Newswire)

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Oil prices surged around 5% to a two-week high on Thursday after the U.S. imposed sanctions on major Russian suppliers Rosneft and Lukoil over Moscow’s war in Ukraine, prompting energy firms in China and India to consider cutting Russian imports.

Brent futures rose $3.40, or 5.4%, to settle at $65.99 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $3.29, or 5.6%, to settle at $61.79.

Those were the biggest daily percentage gains for both crude contracts since mid-June and their highest closes since October 8.

“The announcement of sanctions by the U.S. on Rosneft and Lukoil is a major escalation in the targeting of Russia’s energy sector and could be a big enough shock to flip the global oil market into a deficit next year,” said David Oxley, chief climate and commodities economist at Capital Economics.

Russia was the world’s second-biggest crude oil producer in 2024 after the U.S., according to U.S. energy data.

In addition to soaring crude prices, U.S. diesel futures jumped almost 7%, boosting the diesel crack spread to its highest since February 2024. Crack spreads measure refining profit margins.

The U.S. sanctions mean refineries in China and India, major buyers of Russian oil, will need to seek alternative suppliers to avoid exclusion from the Western banking system, said Saxo Bank analyst Ole Hansen.

Multiple trade sources told Reuters that Chinese state oil majors have suspended purchases of seaborne Russian oil from the two companies now under U.S. sanctions, providing a further boost to prices.

Kuwait’s oil minister said that the Organization of the Petroleum Exporting Countries (OPEC) would be ready to offset any shortage in the market by rolling back output cuts.

Russian President Vladimir Putin, however, said it will take time for the global market to replace Russian oil.

“This is, of course, an attempt to put pressure on Russia,” Putin added. “But no self-respecting country and no self-respecting people ever decides anything under pressure.

The U.S. said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in Ukraine.

“The various U.S. and EU sanctions thus far have had essentially no effect on Russia’s ability to export oil, so we doubt that this latest round will be game-changing. That said, the Kremlin may need to use more intricate methods to ship its oil covertly, thereby increasing costs,” said Pavel Molchanov, investment strategy analyst at Raymond James.

Molchanov noted the U.S. investment bank would “continue keeping an eye on this issue” since Russian exports account for about 7% of global oil supply.

MORE SANCTIONS

Britain sanctioned Rosneft and Lukoil last week and the European Union has approved a 19th package of sanctions against Russia that includes a ban on imports of Russian liquefied natural gas.

The EU also added two Chinese refiners with combined capacity of 600,000 barrels per day (bpd), as well as Chinaoil Hong Kong, a trading arm of PetroChina, to its Russia sanctions list, its Official Journal showed on Thursday.

The impact of sanctions on oil markets will depend on how India reacts and whether Russia finds alternative buyers, said UBS analyst Giovanni Staunovo.

Refiners in India, which became the largest buyer of discounted seaborne Russian crude in the aftermath of the war in Ukraine, were poised to sharply curtail imports of Russian oil to comply with new U.S. sanctions on Lukoil and Rosneft, industry sources said on Thursday, potentially removing a major hurdle to a trade deal with the U.S.

Privately owned Reliance Industries, the top Indian buyer of Russian crude, plans to reduce or halt such imports completely, according to two sources familiar with the matter. (Reuters)

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Vehicle prices in Sri Lanka have fallen by Rs. 1 million to Rs. 1.5 million in recent weeks, according to the Vehicle Importers’ Association of Lanka.

Association President Indika Sampath Merinchige said the drop follows a decline in demand and reduced auction prices in Japan.

Vehicles that were previously sold for around Rs. 10 million are now cheaper by about Rs. 500,000, while those in the Rs. 20 million range have dropped by Rs. 1–1.5 million, importers told Newswire.

Industry sources say the market has slowed down due to a lack of consumer enthusiasm, higher taxes, and new import registration rules. Under a Finance Ministry directive issued last December, all imported vehicles must be registered within 90 days of the customs declaration date, or importers face a 3% penalty.

Importers warn that the 90-day rule and weak demand have caused cash-flow issues for many in the trade.

Meanwhile, Vehicle Importers’ Association said that with prices temporarily easing, “this is a good time for customers waiting to buy a vehicle.” (Newswire)

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The price of a 24-carat gold sovereign in Sri Lanka has surpassed Rs. 400,000 for the first time. 

According to the All-Island Gold Jewellers’ Association, the price of a 24-carat gold sovereign has risen to Rs. 410,000, as of this morning.

Similarly, the price of a 22-carat gold sovereign has increased to Rs. 379,200.

The Association further stated that compared to yesterday, gold prices have risen by Rs. 15,000 today. (Newswire)

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