The Ceylon Petroleum Corporation (CPC) has incurred heavy losses and a pricing formula for fuel should be introduced in order to prevent further loss, according to CPC trade unions.
Secretary of the Jathika Sevaka Sangamaya (Petroleum Branch), Ananda Palitha stated this at a press conference held today (23).
According to him, at the present the CPC has to pay a sum of USD 2.3 billion to the People’s Bank and Bank of Ceylon.
He said that the government isn’t paying the Rs 315 billion owed to CEYPETCO for the Kerosine oil subsidy.
Currently the Ceylon Electricity Board (CEB) has a debt of Rs 53 billion to the CPC and private electricity generating companies also owe Rs 12 billion, states the chairman.
Stating that CPC absolutely cannot bear this burden, he mentioned that corporation spends Rs 131.70 per liter of fuel.
