May 12, 2019

In 2018, CPC incurred a loss of 10,400 million rupees Featured

The Ceylon Petroleum Corporation (CPC), which received  a profit of Rs 3,400 million in 2017, by end of 2018, has incurred a loss of Rs 10,400 million, according to the Central Bank report of the year 2018.

The increase in international crude oil prices, the depreciation of the Sri Lankan rupee and the delaying modification of local retail prices of petroleum products till May 2018, led to a significant decline in the financial performance of the Corporation during the year.

The loss incurred by the CPC amounted to Rs 8270 million due to the depreciation of the rupee. The income of the Corporation has also declined due to lower demand from the power generation sector.

According to the Central Bank of Sri Lanka, the petroleum prices have been revised from May to December of 2018 in nine times.