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19 February, 2013 06:17 AM Source: Lanka Business Online - LBO

LankaIOC, a unit of Indian Oil Corporation is planning to deal in petrochemicals such as polyethylene and polypropylene, to diversify its product portfolio, an official said.

Managing director Subodh Dakwale said the firm planned to enter the sector as soon as the government nod was given.

LankaIOC retails petrol, diesel, lubricant, bunkers for ships and bitumen. Sri Lanka's retail prices set by state-run Ceylon Petroleum Corporation, which is followed by LankaIOC.

Petrol is heavily taxed and diesel lightly taxed. Lanka IOC officials have said that diesel was making a loss, though sold at price higher than CPC. More...

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