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US$ 4,000 m Lanka's fuel import bill

Jayasiri Munasinghe

Sri Lanka's fuel import bill will be around US$ 4,000 million, in view of the escalating crude oil prices in the World Market, Central Bank Governor Ajith Nivard Cabral said.

"This will exceed our total remittances channelled by the expatriate workers and the foreign exchange earnings out of tea, rubber and coconut exports," he pointed out. Sri Lanka's fuel bill for 2007 was US$ 2,700 million. In 2007, Sri Lanka earned US$ 3.3 billion from garment exports and it is estimated that it will reach 3.6 billion this year, he said.

According to the Governor, this is the first time Sri Lanka's fuel bill exceeded the expatriate earnings (US$ 2.7 billion) plus total foreign exchange earnings from tea, rubber and coconut exports.

Escalating oil prices have caused a serious impact not only on Sri Lanka but the so-called developed countries such as Japan, Australia and New Zealand, he said.

"Consequently it is for us to explore alternative sources of energy, if we are to face the challenge successfully," the Governor pointed out.

Meanwhile, on Tuesday, the price of a refined petrol barrel while remained at $ 137.40 in the Singapore market shot up to $ 138.10 the following day; diesel barrel rose from $ 172 to 172.50; kerosene from $ 173.70 to 174.30.

"The aggravating oil crisis could only be neutralized if we succeed in exploring alternative sources of energy," Cabraal said.

University admission marks on June 4

The University Grants Commission will issue cut-off marks for university admission on June 4.

UGC Chairman Prof. Gamini Samaranayake said 19,650 students will be admitted to 14 universities and three campuses this year, as opposed to the 18,000 students last year. He said 38,239 students out of the 121,421 who sat for the GCE A/L have qualified to enter universities.

All universities will reflect Sri Lanka's ethnic diversity this year. Sinhala and Muslim students too will gain admission to the Jaffna University. The Eastern University will be run as a model university. Ten new courses will be introduced this year covering a gamut of new fields.