CPC to end concessionary fuel rates for CEB next year

CPC to end concessionary fuel rates for CEB next year

March 12, 2011   10:14 am

The Ceylon Petroleum Corporation (CPC) will only supply fuel to the Ceylon Electricity Board (CEB) at the concessionary rate until the end of the year, the Petroleum Industries Ministry stated.

This announcement comes following a statement from the CPC which revealed that 80% of the CPC losses came from supplying the CEB with fuel at a concessionary rate after the CEB had announced making profits of Rs. 5 billion in 2010.

Meanwhile, Minister of Power and Energy Patali Champika Ranawaka stated that he was saddened at the fact that some parties were unable to cope with the fact that he had bailed the CEB out of its long standing debts.

The Minister further stated that neither the CEB nor the CPC were established to make profits but to serve the public while the CPC’s problems stem from inefficiency, the failure of additional projects and an inadequate capacity.

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