CPC suffers losses amounting to Billions due to depreciation of Rupee

Sunday, 30 September 2018 - 14:00

CPC+suffers+losses+amounting+to+Billions+due+to+depreciation+of+Rupee
The Ceylon Petroleum Corporation has incurred a loss of 17.5 billion rupees when paying off debt obtained for the import of fuel, due to the depreciation of the rupee.  

Secretary to the Ministry of Petroleum Resources Development, Upali Marasinghe told our news team that the CPC has obtained loans amounting to 2.5 billion US dollars from two state banks to import fuel.

The rupee has depreciated by more than 8% so far and therefore, a higher cost is incurred when paying off debt obtained in US dollars.

The rising price of a crude oil barrel has also contributed to this situation.

Meanwhile, the Ministry of Finance stated that the fuel pricing formula will continue to be in effect.

Accordingly, fuel prices are scheduled to be re-evaluated on the 10th of October.


Two (2) Coronavirus patients identified – Total number reported in SL increases to 117
Sunday, 29 March 2020 - 20:00

Two (02) more patients transferred to IDH from Chilaw and Rathnapura hospitals after they were confirmed for COVID- 19 virus infection. Therefore, the... Read More

Colombo Stock Exchange (CSE) closed for trading tomorrow (Monday 30)
Sunday, 29 March 2020 - 19:15

The Colombo Stock Exchange (CSE) stated that they are compelled to close the market on specific days, in view of curfew. Therefore, with the extension... Read More

Thomas Schaefer, finance minister of Germany's Hesse state, commit suicide over Coronavirus
Sunday, 29 March 2020 - 19:22

Thomas Schaefer, the finance minister of Germany's Hesse state, has committed suicide. It has been reported that he was becoming "deeply worried" over... Read More