HomeNews8 key reasons for CPC losses identified

8 key reasons for CPC losses identified

Published on

spot_img

Minister of Energy Kanchana Wijesekera has outlined the key reasons for the Ceylon Petroleum Corporation (CPC) to incur losses. 

In a Twitter message, the Minister said the following are the multiple reasons for CPC losses.

  1. Selling products at subsidized rates for years 
  2. Rupee Depreciation – purchases made before March were for 90-180 days of credit purchased at Rs. 203 and the payback rate is Rs.367-390
  3. Dues from SriLankan airlines – USD 300 million, Ceylon Electricity Board- Rs. 60 billion
  4. High Premiums, Demurrage, and Bank Interest due to the financial situation 
  5. Overstaffed, Inefficient, and Overpaid 
  6. 25% salary increment on a collective agreement since 2012 
  7. Not operating Refinery and depending more on imported Refined products 
  8. High Distribution costs

(NewsWire)

Latest articles

Gazette : Postal charges increased Normal letter increased from Rs 15 to Rs. 50

A Gazette notification has been issued announcing the amended postal charges in Sri Lanka.  The...

Notice for vehicle owners in Western Province on revenue license

Measures have been taken to issue revenue licenses for vehicles in the Western Province...

“India rejects insinuation by China over its vessel not being able to dock at Hambantota”

India has rejected China’s insinuation over a Chinese research vessel’s visit to Sri Lanka.  The...

More like this

Gazette : Postal charges increased Normal letter increased from Rs 15 to Rs. 50

A Gazette notification has been issued announcing the amended postal charges in Sri Lanka.  The...

Notice for vehicle owners in Western Province on revenue license

Measures have been taken to issue revenue licenses for vehicles in the Western Province...