CPC suffers losses amounting to Billions due to depreciation of Rupee

Sunday, 30 September 2018 - 14:00

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.

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