CPC still making daily loss of Rs. 327 Mn: Minister

19 April 2022 11:40 pm Views - {{hitsCtrl.values.hits}} 37 Bookmark

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The Ceylon Petroleum Corporation (CPC) was still making a daily loss of Rs. 327 million from the sale of fuel even after the increase of the prices on Monday night, Power and Energy Minister Kanchana Wijesekara said today.

He told Parliament that the CPC was making a daily loss of Rs. 1.6 billion by Monday night.

The Minister said they had to increase fuel prices to ensure continuous procurement of fuel required for power generation.

"We have to procure fuel shipments regularly to maintain electricity supply with minimum interruptions. We had to increase fuel prices to find money for that purpose," he said.

He said anyone who would take over the ministry would have to increase fuel prices and said he was ready to hand over the ministry to anyone if they could reduce fuel prices.

The Minister said they had discussions with the Lanka Indian Oil Company (LIOC) and reached an agreement to adopt a formular to increase fuel prices of the two institutions in same amounts in the future.(Ajith Siriwardana and Yohan Perera)

Comments - 37

Pissu pusa Tuesday, 19 April 2022 11:58 PM

Losses need to be managed by reducing the cost, a cost analysis needs to be done, May be the overheads are bigger? There could be excess employees, or very expensive ministers and higher management. There is no point about losses without doing anything about it, price hike might not be the only solution

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Jude Wednesday, 20 April 2022 12:18 AM

You've to Increase the prices before IMF force you to do so !! Yeah!!

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Jude Wednesday, 20 April 2022 12:26 AM

Don't subsidize Petrol price to make the Rich people happy!! If you have to double the Price of Petrol and subsidize the diesel price yeah give at a concessionary price diesel to CTB and all private busses!!

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RP Wednesday, 20 April 2022 12:38 AM

Dear Mr. Minister, you should seek way to privatize the CPC. Subsidy and unions are the main cancer of public Corporations along with un skilled political appointees as head.

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Frederick Wednesday, 20 April 2022 02:10 AM

Must have capable people to run the govt Current systems will have to change to encourage capable people to come forward and take charge. And import more bicycles which parliamentarians can use when they tour electorates and people can use happens in developed countries why not SL will also save foreign exchange and build cycle tracks on roads everyone can't afford a car

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Jarajeerna Sinthul Wednesday, 20 April 2022 02:18 AM

Otherwise politicians steal these money

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Athk69 Wednesday, 20 April 2022 02:30 AM

One way to bring down the price of fuel is to barter trade Tea to Russia in exchange for oil. No dollars are needed for this type of transaction. With oil coming in, Sri Lanka's energy needs can be met, industries can restart, and eventually the economy can be revived. Russia is giving oil to India at a heavily discounted rate. India is doing it for her citizens - a lesson for sri Lankan leaders as well.

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mohammed Wednesday, 20 April 2022 02:41 AM

what is this joker Kanchana Wijesekara saying still trying make money for the current government. this is not acceptable ! You dirty fellows will have to pay for all this

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Herman Perera Wednesday, 20 April 2022 03:05 AM

SYSTEM CHANGE; NEED A NEW PRINTING MACHINE. PROBLEM SOLVED.

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common man Wednesday, 20 April 2022 03:34 AM

Need of the hour is a smart politician not a pure economist. See around the country what you have done! Adding fuel to the fire!

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Ram Wednesday, 20 April 2022 03:39 AM

If the daily loss is Rs 327 Million it is time to hand over CPC to private sector on a 10 year lease

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Saman Wednesday, 20 April 2022 04:21 AM

Price gotta go up unfortunately! Days Sri Lankans enjoyed subsidised fuel are over! Unbearable subsidises to the economy is one of the reasons why everything has now gone haywire...

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Jude Wednesday, 20 April 2022 04:21 AM

Get Asantha de Mel to do some "Hedging" yeah!!

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Be Fair Wednesday, 20 April 2022 04:41 AM

Wonder why the Minister can't add up. We must be the only energy company in the world running at a loss.

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Wisdom Wednesday, 20 April 2022 05:12 AM

Who should take the blame for the daily losses? Did the consumers use fuel in excess through greed?

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Villsud Wednesday, 20 April 2022 05:14 AM

Reduce the excess staff, people get appointed politically being a heavy burden on state run organizations. This becomes a burden even after they retire

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Mithun Wednesday, 20 April 2022 05:18 AM

Let us know the tax amount treasury charging from CPC as well? This is not CPC in loss but the government making CPC in to loss. Total tax cuts, sugar tax scam , etc are not allow treasury to reduce taxes on fuel in this difficult situation. By the way what has happened to fuel stabilization fund your great government said to be created?

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AFVF Wednesday, 20 April 2022 07:57 AM

Stop subsidise fuel supply for Ministers , MPs and Ministerial bodies. They are the sole reason for the losses. Laymen does pay every single cent for the cost of fuel.

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Lakmal Wednesday, 20 April 2022 08:04 AM

Reduce high salaries and bonuses for over crowded employees in CPC and Ports Authority.

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Man Wednesday, 20 April 2022 08:30 AM

Due to the wastage of the CPC and Mahinda didn't pay for the CTB busses for his campaign in 2015. LIOC shows how the private sector would be.

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sam Wednesday, 20 April 2022 08:37 AM

Management has failed. Firstly no accepted method to calculate retail prices, which meand a formula, Since you lot are incapable give it to the private sector.

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bootlicker Wednesday, 20 April 2022 08:40 AM

we cant believe your dumb figures. show us with facts how you incurred loss.

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R.S Wednesday, 20 April 2022 08:44 AM

You and the government made huge losses to the country mad dog.....now don't speak about the losses .the country is sinking further and further because of your mad bosses decisions

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De Silva Wednesday, 20 April 2022 09:02 AM

Yes of cause. Private trips of family members of the 3 forces and police on free fuel are at lost for the national.

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Kumara Dharmarathne Wednesday, 20 April 2022 09:18 AM

Mr. Amateur Minister, you are talking as if CPC gave fuel to people free of charge. Please keep in mind that the loss is purely due to subject minister's ignorance and inability to run CPC as a profitable venture. Therefore, stop talking like a Mahadena Mutta and start working in order to make CPC a profitable venture or get out.

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Appuhamy Tennekoon Wednesday, 20 April 2022 09:30 AM

Gota made some much publicised useless personal visits to some institutions like Milco, some Yard in Ratmalana etc. His personal attention should have been to check why institutions like CEB, PETROLEUM CORP, SRILANKAN AIRLINES, are always run at a loss.?

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Hubert Congreve Wednesday, 20 April 2022 09:51 AM

New broom will sweep well. Its for you man.

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White Kaputa B-O-Z-I-L Wednesday, 20 April 2022 09:52 AM

Did you get through GCE (O/L) Mr. New Minister?

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Prof. K. Veerasingham Wednesday, 20 April 2022 09:54 AM

The most educated professional Champika was running this ministry very intelligently, non others could not handle this task until now, don't teach us Mathematics.

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K.P. Ranasinghe [Economist] Wednesday, 20 April 2022 09:56 AM

Are you an Economist? Then President should have made you as our Finance Minister, now please don't bluff you mushroom.

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China Man Wednesday, 20 April 2022 09:59 AM

Go and tell this to "Konnday Bandappu Cheenunta".

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Sanka Wednesday, 20 April 2022 10:32 AM

Make it privatised and add few more major petroleum companies to the market . Same like what singapore did , shell, Esso, Mobil, Sinopec etc. Make the competition in the market . That’s better than loosing money from treasury.

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Nimal Wednesday, 20 April 2022 10:41 AM

We know, when people obtain fuel free of charge like politicians, CPC always incur losses. Even if you make one liter Rs. 1000 you will not be able to cover the losses.

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Atha Katha Somay Wednesday, 20 April 2022 10:46 AM

Gota/Mahinda's 15 million is talking now and more in the future, but Mythiripala Sirisena is waiting with 20 million for you and others willing to join his team.

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M.T. Fernando [ex- snr accountant CPC] Wednesday, 20 April 2022 10:50 AM

Talk with sense Minister, please don't read what other goons wrote, however please don't teach me about the profits and loses of CPC as I was a Senior Accountant for 28 years and now retired.

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HR Wednesday, 20 April 2022 01:34 PM

Yes because people buy it Free

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Ranaweera Wednesday, 20 April 2022 09:11 PM

Real Fuel prices are same as Aug 2019. Real prices have not increased . Do your calculations and check your self.

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