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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Ceylon Petroleum corporation 5 month loss 4 billion.

Ceylon Petroleum corporation 5 month loss 4 billion.

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Teller

Teller
Moderator
Moderator
Minister of Power and Energy Champika Ranawaka will submit a special cabinet paper this week to re-introduce a cost reflective transparent energy pricing formula, based on international market prices.
Secretary to the Minister of Power and Energy Dr Suren Batagoda, while confirming that the Cabinet paper would be presented this week by the Minister, told that the new formula would benefit both the consumer and the utility, he said.
According to him, the accumulated and unrecovered losses of the Ceylon Petroleum Corporation over the last ten years, was around Rs. 200 billion.media briefing


Generally, the CPC's annual losses were around 70-80 billion. But now we are somehow managing those losses. So far this year, CPC's loss was only Rs. 4 billion from January till May 2015, he said.
With this proposed formula, consumers would be privy to the breakdown of various cost components such as cost of the product in the international market, freight and insurance costs, government taxes and marketing margins, this source said.
However, Ministry sources also revealed that there was some uncertainty within the government to get the approval of this Cabinet paper soon in the light of both Prime Minister Ranil Wickremesinghe and Minister Ranawaka both denying that there was to be an imminent price increase with the Parliamentary elections round the corner.
We are so close to a parliamentary election and during this transit period the scope of getting approval for this cabinet paper was very much limited, the sources said.

nimantha80


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
we can now say LIOC also lost 1 billion.nice excuse.Anyway CPC is hindered by decades of corruption and fraud.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Eliminating internal fraud & inefficiency is the major task to be carried out first. Next task is to be traced the external link with petroleum which incurred billions of losses to the company. Unless government backs Champika & team up favorably he will not be able to achieve his goal.

Mechanism for pricing for end user products is quintessential in line with global market price fluctuation. After years of implementation new changes there will be gradual drop in existing losses. 

Reaction from public against any price hike based on new pricing formula is the next challenge to the management spurred by political parties. As said above, until election is over this is impossible. Unfortunately that is how the mentality of people is made up.

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