COPE uncovers major irregularities in Ceylon Petroleum Corporation
June 21, 2024 09:56 am
The Committee on Public Enterprises (COPE) has uncovered significant financial irregularities within the Ceylon Petroleum Corporation (CPC), resulting in a loss of Rs. 3,416 million from 2014 to 2022.
This was attributed to internal dishonesty and a delay of 8 years and 8 months in issuing critical circulars to filling station owners by the Corporation’s marketing department.
COPE has expressed strong displeasure and insisted on holding the responsible officials accountable.
The issue came to light during a recent COPE meeting chaired by MP Rohitha Abeygunawardena to review the Auditor General’s 2022 report and the current status of the corporation, the Communications Dept. Of Parliament said in a press release.
The Committee directed the Corporation to submit a detailed report within seven working days, listing the names of those involved in the fraud and the measures taken to address the issue.
Additionally, it was revealed that the public has had to bear an extra cost for fuel due to the payment of Rs. 31,021.07 million in excessive commissions to distributors.
The overpayments have resulted in consumers paying Rs. 5.85 more per liter for 92 petrol, Rs. 7.50 for 95 petrol, Rs. 5.88 for Lanka Energy Diesel (LED), and Rs. 6.96 for Lanka Super Diesel (LSD), it said.
COPE has called for a comprehensive report within two weeks on those responsible for the financial misconduct and recommended filing a complaint with the CID for further investigation. Some officials implicated in the fraud are reportedly no longer in the country, it was revealed.
