Petroleum Corporation in a Rs. 62 bn Debt Recovery Crisis !


Ceylon Petroleum Corporation (CPC) is deeply in trouble owing to unpaid fuel bills of state institutions, CPC sources revealed.
According to the reports the Ceylon Electricity Board being the greatest debtor has to pay Rs.48 billion for the diesel obtained for thermal power plants. SriLankan Airlines is recorded owing the Ceylon Petroleum Corporation (CPC) over Rs.10 billion. The other debtors are Sri Lanka Transport Board, Railway Department, police and armed forces. These losses have incurred by providing fuel at a subsidised rate CPC sources described. The amount of debt has gone up to Rs. 62 bn. Meanwhile the CPC is also entitled to pay loans for two state banks.