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Thursday, 8 December 2011

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Better times for lubricants industry next year

The lubricant industry expects better performance next year as the growth momentum seen early this year did not continue towards the end.

Kishu Gomes

“We anticipate a double digit growth next year for the industry. It is growing at a slow pace of six to seven percent at present. The high growth will benefit all players where the industry is at the saturated stage, Chevron Lubricant Lanka Limited Managing Director Kishu Gomes told Daily News Business.

“The devaluation of currency pushes our costs up. We manufacture petro based products importing raw materials. However, no decision has been taken to pass the increase in the cost to consumers. There will be no upward revision in product prices,” he said.

“The company while anticipating greater industry growth will focus on expansion of distribution channels countrywide. More focus will be on the Northern areas where it expects to increase penetration,” he said.

“We will introduce new technology and products in keeping with the fundamentals of the technological evolution. The growing vehicle market will provide impetus for the related industries where it will facilitate a vibrant lubricant market,” he said. The social responsibility activities of Chevron will further continue with an investment of Rs 7 million on the second stage of the road safety campaign. It will also contribute in sponsorship programmes worth Rs 50 million in 2012 as well.

“We concentrate more on road safety as the country loses six to seven lives on a daily basis due to road accidents. The campaign will help shape attitudes and road discipline with a change of mindset,” Gomes said.

 

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