W.K.H.Wegapitiya, Chairman, Laugfs Group of Companies this week lashed out at some multi-national companies that stood in their way to enter into the lubricants market and also referred to the stringent regulations that made it near impossible for them to enter this market.
He made these comment at the launch of Laugfs Lubricants of four varieties of engine oil, being the first Sri Lankan company to enter the local lubricant industry. Mr Wegapitiya urged Sri Lankans to purchase products manufactured and marketed by Sri Lankan companies and said that it is the way India has become a powerful economy in the region.
Laugfs engine oils will initially be available in two distinct product lines – Monogrades (Power P40+ and Power D40+) and Multigrades (Supreme Petra – Petrol Engine Oil and Supreme DX). They will be marketed by Laugfs Lubricants Ltd, a subsidiary of Laugfs Group. He said that their confidence of success is deeply rooted in the fact that all their products are manufactured to international quality standards. He said, “We are giving Sri Lankan customers, a fully Sri Lankan product, which is functionally far better than what is available in the market.”
He said that Laugfs Lubricants has already obtained Original Equipment Manufacturer (OEM) approval for Mercedes Benz vehicles to use its Multigrade engine oils becoming the only Sri Lankan lubricant licence holder of the American Petroleum Institute. Laugfs Lubricants engine oils are blended at the state-of-the-art manufacturing plant in Singapore.
He said that they are aiming to becoming Sri Lanka’s number one lubricant brand in the long run and in the short-run Laugfs expect to capture 30 percent market share for their lubricants, within the next two years.