Minister of Energy Kanchana Wijesekera has highlighted the differences between the Lanka Indian Oil Company (LIOC) and the Ceylon Petroleum Corporation (CEYPETCO) in terms of profit-making.
Minister Wijesekera revealed that the LIOC does not sell Kerosine, which makes the biggest loss, but the CPC does.
He further said that the LIOC also sells other premium products which have a higher markup.
Meanwhile, the CPC, supplies to the Ceylon Electricity Board (CEB), Ceylon Transport Board (CTB), Ceylon Government Railway (CGR), and other government institutes.
Despite providing fuel, these government institutions owe money to the CPC, Minister Kanchana Wijesekera explained.
He added that the staff numbers of the government institutions are staggering too, hence the CPC makes no profit.
Minister Kanchana Wijesekera also shared the breakdown of the fuel cost prior to the price revision that came into effect today.
Both the CEYPETCO and LIOC increased fuel prices with effect from today. (NewsWire)
