"CPC incurs a loss over 190 million per day" - CPC Trade Unions

COLOMBO (News 1^st) - The Jathika Sevaka Sangamaya convening a media briefing today (April 23) spoke about IMF's demands on fuel price formula. Chairman of the Ceylon Petroleum Corporation (CPC) Employees Union  Ananda Palitha stated that the CPC incurs a loss of  Rs 14.70 from a liter of petrol, Rs. 9.35 from a liter of 95 Octane petrol, Rs. 14.35 from diesel, and Rs. 9.50 from Super diesel. Further, the CPC incurs a loss of Rs. 49 for each liter Kerosene released into the market. He stated that these losses are not due to a mistake by the CPC adding that the CPC suffered a daily loss of nearly 190 million. Ananda Palitha defended the pricing formula for fuel which has been requested by the IMF noting that fuel prices will not increase in-line with increases in the world market. He said the tax imposed on fuel should be reduced. He also called on the government not to increase the price of fuel until a price formula is put in place.