CPC's overall loss increases to Rs. 21,178 million

Colombo (News 1st): The Ceylon Petroleum Corporation’s overall loss has risen to Rs. 21,178 million in the first four months of 2019. The Mid-Year Fiscal Position Report released by the Ministry of Finance said that the operational loss also increased to Rs. 11,143 million due to the increased international oil prices combined with the absence of pricing mechanism for the products used in aviation and power generation sectors and kerosene. The depreciation of rupee during the period has also impacted adversely on the CPC’s 39 performance in terms of increasing their cost of imports and the dollar-denominated payable to banks.