CEYPETCO incur a Rs. 17.5 billion loss in less than 3 weeks

COLOMBO (News 1st): The Ceylon Petroleum Corporation says it has incurred a loss of Rs. 17.5 billion in less than three weeks. This was caused by the depreciation of the rupee, which increased the Government’s fuel bill. CEYPETCO had obtained loans amounting to US$ 2.5 billion from two state banks for the purchase of fuel. According to CEYPETCO, it will continue to incur losses if the rupee keeps depreciating. With the uncertainty in the oil prices in the country, and the massive losses incurred by the Ceylon Petroleum Corporation, will the authorities again pass the burden on to the consumers? Rising cost of living has been the word on the street and here are some of the views expressed by the general public; "Once you sell your country to another country, you can't do anything about the prices." "The government might be trying to implement their own formula in the guise of all these formulas on fuel and electricity." "Even if they implement a formula for food, we won't be surprised. The government does not have a plan to manage the economy. They have only been talking for the past 3 and a half years." According to experts, one of the main reasons for the loss borne by the CPC is the pending dues from various government bodies. For example, in June 2018, Sri Lankan Airlines owed Rs. 13.45 billion to the Ceylon Petroleum Corporation. Rs. 800 Million from the total due was repaid within a week and Cabinet Approval was sought to obtain the remainder as a loan from a Private Bank.