The Ceylon Petroleum Corporation (CPC) incurred a loss of Rs. 615 billion in 2022, said the annual report of the Central Bank (CBSL).
Despite the revisions in fuel prices in the face of a hike in world crude prices, its income suffered as a result of the depreciation of the rupee.
In the previous year, the CPC’s operational losses were Rs. 81.8 billion.
From July 2022 onwards, it recorded gains on a monthly basis, following the fuel price revisions and the stabilization of the rupee.
After the government took measures for the CPC’s financial feasibility, its outstanding debt and import costs decreased from 3.4 billion US dollars to 0.2 billon USD by the year end.
State institutions had outstanding payments to the CPC to the tune of Rs. 220.3 billion, up Rs. 59.3 billion from 2022, said the CBSL annual report.
