The Ceylon Petroleum Corporation (CPC) spent more than half of its rupee earnings in the first eight months of 2022 for the repayment of its loans, reports said.

Of the Rs. 956.1 billion of income during the period, the CPC paid Rs. 513 billion (53 per cent) as foreign loan repayments together with interest and for short-term rupee loans.

With the increase in fuel prices, the institution was able to earn profits in the past two months, enabling it to increase loan repayments.

From January to August this year, the CPC allotted Rs. 357 billion (37 pc) to import oil.

It also paid Rs. 65 billion as taxes to the state.

The Treasury has allowed a maximum of 50 million US dollars worth of energy imports per week.

From 2007 to August 2022, the CPC incurred a loss of Rs. one trillion.


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