CPC in a quandary after LIOC price increase | Daily News

CPC in a quandary after LIOC price increase

Ceylon Petroleum Corporation (CPC) Chairman Sumith Wijesinghe expressed concern that the losses of the CPC had increased after the Lanka Indian Oil Company (LIOC) raised fuel prices this week.

He said that if the oil prices remain unchanged for the whole month, the CPC will lose Rs. 48.30 per litre of Diesel and Rs. 15.68 per litre of Petrol.

He explained that since Lanka IOC raised fuel rates, CPC now needs to cater to LIOC customers who used to go to CPC filling stations, increasing the CPC’s losses. He went on to say that the CPC had frequently demanded a price hike, but the Government had refused to increase fuel prices.”

Lanka IOC has resorted to different measures to offset their losses, and their loss is significantly less than ours,” stated the Chairman. LIOC raised 92-Octane petrol by Rs. 7 to Rs.184 per litre and Diesel by Rs.3 to Rs. 124 from Monday (7). The Chairman further said that he is in the hope that the Government will favourably consider the situation and permit a price increase.

Add new comment