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As per the available information, total impact of duty increase on LIOC around 600 _700 Mn per quarter based on the current sales mix. When duty increased, LIOC had completed import of all required quantity for the coming quarter -Q2 2016/17 sales requirement. Due to industry import complexity, LIOC maintains long period of buffer stock to face stock out positions. For the Coming quarter Only One month is due and the required stock already filled by the LIOC when government increases taxes. So the impact of duty increase will be reflected in Q3 _ December 2016/17 ACCOUNTS.
With the past crude price, LIOC will report super result for the coming quarter_Q2 2016/17 also closing to 2Bn quarterly profit.
Now government, CPC & LIOC jointly working for the implementation of the pricing formula. Pricing formula already finalized by the ministry and it is in the implementation stage. Under the pricing formula, Fuel price will be decided based on the Cost of import Fuel after adding Government Taxes and Profit Margin. Based on the changes of the world market crude price, Sri Lankan market Fuel price will be adjusted. Under the formula certain profit margin is guaranteed. And also government also not in a position to implement different taxes at different times since they have already built some tax portion into formula. Challenge is with the maintain of sales volume and operational efficiency. Compared to CPC, applying pricing formula is favorable to LIOC. Due to relationship, they can import oil comparatively reduced price. Their operational efficiency is high comparatively. With the implementation of pricing formula, Petroleum sector stability will be established. Golden time of LIOC also is on the way with pricing formula. GL.
With the past crude price, LIOC will report super result for the coming quarter_Q2 2016/17 also closing to 2Bn quarterly profit.
Now government, CPC & LIOC jointly working for the implementation of the pricing formula. Pricing formula already finalized by the ministry and it is in the implementation stage. Under the pricing formula, Fuel price will be decided based on the Cost of import Fuel after adding Government Taxes and Profit Margin. Based on the changes of the world market crude price, Sri Lankan market Fuel price will be adjusted. Under the formula certain profit margin is guaranteed. And also government also not in a position to implement different taxes at different times since they have already built some tax portion into formula. Challenge is with the maintain of sales volume and operational efficiency. Compared to CPC, applying pricing formula is favorable to LIOC. Due to relationship, they can import oil comparatively reduced price. Their operational efficiency is high comparatively. With the implementation of pricing formula, Petroleum sector stability will be established. Golden time of LIOC also is on the way with pricing formula. GL.