May 27, 2020

CPC incurs Rs. 45b loss

Minister of Power and Energy - Mahinda Amaraweera has said that the Ceylon Petroleum Corporation (CPC) has incurred a loss of Rs. 45 billion due to the spread of novel coronavirus pandemic.

He said this during a meeting held with the trade union representatives of the CPC and the Ceylon Petroleum Storage Terminal yesterday (26) morning.

Although CPC's storage terminal had made a profit of Rs 1 billion annually, it too, has been incurring losses recently, due to the same reason, the minister added.

Factors including the depreciation of the rupee, declining fuel demands, lack of modernisation at the CPC, fuel subsidies have all contributed to this situation, he had further said.