Written by Staff Writer
31 Dec, 2013 | 11:39 am
The Minister of Petroleum Industries Anura Priyadarshana Yapa states that the Ceylon Petroleum Corporation has not experienced any losses this year. He stated that Ceptco was able to achieve this feat even after paying a sum of 60 million US dollars or 7800 million rupees for the Hedging agreement.
The Ceylon Petroleum Corporation organised a media briefing on Monday to create awareness on 92 Octane petrol being introduced into the market instead of 90 octane petrol.
Anura Priyadarshana Yapa said, “We had to bear the cost of converting the 90 Octane petrol to 92 Octane. However, we decided to bear that cost instead of burdening the general public. We made these changes on the basis that we will not increase prices of fuel in the near future.”
The Minister explained the financial situation of Cepetco which suffered an operational loss of Rs.61.2 billion last year. He also noted, “We will end the year with neither a loss nor profit. This was because of the Hedging agreement that we signed with a bank. We paid 60 million US dollars and even afterwards we were able to break even.”
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