Ceylon Petroleum Corporation (CPC) is losing more than Rs.36 Billion and if the price increase is not allowed corporation may compelled to issue fuel only for essential services , CPC Chairman Sumith Wijesinghe has told to Divaina newspaper.
He points out that the corporation is currently incurring a loss of Rs. 50 per liter of diesel and Rs. 17 per liter of petrol.
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He said the corporation could not sustain itself at a loss further.
Predicting that the company will face a serious financial crisis by next month, the chairman said the corporation would not even be able to collect the rupee to pay for the dollars needed to buy fuel.
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