Minister of Energy Kanchana Wijesekera has outlined the key reasons
for the Ceylon Petroleum Corporation (CPC) to incur losses.
In a Twitter message, the Minister said the following are the
multiple reasons for CPC losses.
1.
Selling products at
subsidized rates for years
2.
Rupee Depreciation –
purchases made before March were for 90-180 days of credit purchased at Rs. 203
and the payback rate is Rs.367-390
3.
Dues from SriLankan
airlines – USD 300 million, Ceylon Electricity Board- Rs. 60 billion
4.
High Premiums,
Demurrage, and Bank Interest due to the financial situation
5.
Overstaffed,
Inefficient, and Overpaid
6.
25% salary increment on
a collective agreement since 2012
7.
Not operating Refinery
and depending more on imported Refined products
8. High Distribution costs
Meanwhile, parliamentarians seeking fuel allowance increment up to two hundred thousand. And Russia extended its hands with rupee-ruble oil support.
I suggest Minister visit CPC’s Sapugaskanda oil refinery site and its housing scheme for inspection. there he could gather 92 more points to complete his list.
By Polito
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