|
|
|
| Sunday, 18 September 2005 |
 |
|
 |
News |  |
| News Business Features Editorial
|
Treasury
owes CPC Rs. 12 billion
by Rashomi Silva Ceylon Petroleum Corporation (CPC) says, the amount the Treasury owes as subsidy dues to the Corporation crossed the Rs. 12 billion mark at the end of last month, whilst international market predictors warned crude oil price may reach an unprecedented US$ 100 before winter. Speaking to the Sunday Observer, a senior CPC official said, the international oil price hike is directly affecting the prices in the Sri Lanka market. According to the agreement with the Government, he said the CPC is entitled to revise petroleum prices using an initially approved formula. "We revise prices every month accordingly but we are stopped from implementing it. Consequently, we have to bear heavy losses that the corporation is incapable of absorbing," he said. Last year subsidy dues of Rs. 14.5 billion was used to settle CPC taxes which amounted Rs. 15 billion, he said. "But so far, for this year, we were not told of any such arrangement." Meanwhile, Washington on Friday reported the price of crude oil fell by 17 cents to USD 64.58 a barrel, but cautioned the trend of increasing oil prices is still very much 'going on'. "Oil prices would retrace upward momentum in coming weeks as winter heavy oil demands approaches," a US based energy survey quoted oil experts as saying. Raising demands of US and China, together with the running out of oil reserves are held as responsible to the situation. |
|
| News | Business | Features
| Editorial | Security
| Produced by Lake House |
