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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rs 100 billion loss in three years

Rs 100 billion loss in three years

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1Rs 100 billion loss in three years Empty Rs 100 billion loss in three years Thu Mar 21, 2013 2:31 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
By Madusha Erandi

The losses accumulated by the Ceylon Petroleum Corporation (CPC) over the past three years, under the new Managing Director of the Corporation, have reached Rs 100 billion, Convener of the Voice Against Corruption (VAC), Wasantha Samarasinghe charged.

Addressing the media yesterday, he said, the CPC is increasing the fuel prices to cover up the huge losses.
"When the oil prices in the world market are reducing, the local prices are increased and the burden falls on the people. Fuel prices are calculated by the average of the month's price and the latest market price of a barrel of fuel in a five day period. That is a fair procedure. The managing director has signed a new agreement, according to which, the price of a barrel of oil is determined by calculating the average of the five highest prices recorded in a month. With the new agreement, the CPC had to suffer a loss of Rs 1,160 million last year," Samarasinghe alleged.

He also said the fuel suppliers are economically stable and can afford to issue loans for six months or more. "An unqualified person has been appointed as the managing director of the CPC for a monthly salary of Rs 700,000. The agreement, which was signed to mark the prices of fuel barrels, has expired but has been extended till 25 April. If the appointment of new managing director does not come through a legal framework, we will complain this to the Commission to Investigate Allegation of Bribery or Corruption. A management system called SAP has been established at the CPC, but the administration does not receive any outcome. Equipment or the training needed to implement the SAP system have still not been granted properly, but Rs 250,000 is being paid for the SAP system on an installment basis," Samarasinghe alleged.

He said the loans granted to the CPC workers have been cut off and the auditing procedures have also been abolished due to corrupt practises.
http://ceylontoday.lk/16-27656-news-detail-rs-100-billion-loss-in-three-years.html

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