By:Staff WriterColombo (LNW): The Ceylon Petroleum Corporation (CPC) has reported its fuel cost breakdown as of 18th February 2023, reporting a profit for Petrol 92 and Auto Diesel.
Minister of Power and Energy Kanchana Wijesekera revealed that a profit of Rs. 16.21 has been earned per litre of Petrol 92, while a profit of Rs. 3.25 has been earned for Auto Diesel.
A profit of Rs. 109.44 has been earned per litre of Petrol 95 and a profit of Rs. 11.64 for Lanka Super Diesel.
Minister Wijesekera pointed out that, however, a loss of Rs. 21.49 has been incurred per litre of Kerosene
He has assured that the Ceylon Petroleum Corporation (CPC) is on a path towards achieving financial stability.
Participating in a media briefing held at the Presidential Media Centre themed ‘Collective path to a stable country’, Wijesekera expressed confidence in the government’s program, led by President Ranil Wickremesinghe, to promote financial stability in both the Electricity Board and the Petroleum Corporation.
Furthermore, the Petroleum Statutory Corporation has established contracts with two new agencies for a consistent supply of fuel since September last year.
These agencies are scheduled to commence fuel supply by the end of this month, and the first fuel shipment is expected to arrive in Sri Lanka at the same time. Around 150 fuel stations have been registered by these agencies so far, ensuring reliable fuel availability.
After the arrival of their ship in Sri Lanka, fuel distribution was initially carried out under the name of Ceypetco.
However, future distribution will be conducted under their own company name. To address outstanding debts, including those owed to Indian and Iranian creditors as well as fuel suppliers, the Ministry of Finance has imposed a tax of Rs.50 per liter of fuel during distribution.
The Petroleum Corporation has successfully repaid all loans owed to the Bank of Ceylon and the People’s Bank, resulting in its strengthened financial position.
Despite this, the restructuring process of the Petroleum Corporation will continue as planned. The revised draft for the restructuring of the Electricity Board has been forwarded to legislators, and once received, it will be submitted to the Attorney General and subsequently presented to the Cabinet for recommendations. There is a possibility of passing a new act in this regard.