CPC to incur loss of Rs. 11 Billion in February

COLOMBO (News 1st): The Ceylon Petroleum Corporation (CPC) estimates that a loss of around Rs. 11 Billion is likely to be incurred in the month of February, amidst the prevailing situation in the country. The CPC has requested the Ministry of Finance to either increase the prices of fuel or provide tax concessions on fuel imports, Sumith Wijesinghe, the Chairman of the Ceylon Petroleum Corporation told News 1st. The Ministry of Energy earlier pointed out that the Ceylon Petroleum Corporation has to bear a massive loss by maintaining the fuel prices at the present rates, given the present situation. The procurement of fuel in the future could be problematic, taking into account the foreign reserve crisis, a high-ranking official at the Energy Ministry said. Accordingly, the Ceylon Petroleum Corporation has requested the Finance Ministry to either increase the fuel prices or grant tax concessions. Long queues were seen at fuel stations on Tuesday (Feb. 15); when inquired on the matter, the Ministry of Energy noted that the CPC was informed to look into unnecessary stockpiling. Although there was a considerable shortage of Diesel yesterday (15), it will be resolved today (16), the Energy Ministry assured.