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During the last one year period, world oil price went down by $50 or more from $100 to around $ 50.00 level according to Brent & WTI oil price index. Currently it is around $45. As per our normal assumption, either Diesel & Petrol Price price should go down by 50% or petroleum marketing companies profit should go up significantly to reflect the world price drop. But actually what happened in Sri Lanka? Process of Petrol & Diesel went down by Small percentage & Petroleum Marketing Company LIOC recorded loss during last 3 Quarters. Totally different situation compared to world oil price trend. As explained by yahapalana Government supporters, all of the Mahinda Goverment expenses were covered by taxing Diesel & Petrol but unfortunately still under the yahapalanaya, the same situation is continuing and the are gradually increasing the taxed on Petroleum. With the government budget deficiencies in the future they will increase taxes on petrol & Diesel again. This current Budget also Increased Taxes on Petroleum significantly (PAL & Custom Import Duty). Even any small price drop in world market, that will be absorbed by government increasing import taxes posing petroleum company to make loss. So finding a relationship between world oil price and Performance level of Sri Lankan petroleum company is no meaning. Their loss making will continue.
As per the world oil market leaders like Brithish Petroleum / Total / Glencor/ Cenopec, predicting oil price is no body can do other than God. Price is highly sensitive to number of factors like world Politics / Economic Data publishing etc. Currently it is highly volatile. Specially Middle East tension situation will lead the oil price to a higher level very soon. Middle east situation is getting worse day by day. They are the main oil producers and the suppliers to world market. Expecting any benefit from falling oil price is not a wise.
As per the world oil market leaders like Brithish Petroleum / Total / Glencor/ Cenopec, predicting oil price is no body can do other than God. Price is highly sensitive to number of factors like world Politics / Economic Data publishing etc. Currently it is highly volatile. Specially Middle East tension situation will lead the oil price to a higher level very soon. Middle east situation is getting worse day by day. They are the main oil producers and the suppliers to world market. Expecting any benefit from falling oil price is not a wise.
