LIOC carefully manages dollars
Lanka Indian Oil Corporation (LIOC) is continuing fuel supply to its 202 fuel stations countrywide with proper management of fuel imports and carefully handling the dollar spending in the current economic crisis, a top official of the company divulged.
Managing Director of LIOC Manoj Gupta told the Business Times that the company, very cautiously, obtains dollars required for fuel imports from local banks and sometimes from the Central Bank for the payment of fuel shipments once a month.
The international oil price has increased to US$112 per barrel at present from $70-80 sometime back; he said adding that with the rupee deprecation, transportation, and other costs, the company is losing heavily on petrol and diesel. LIOC repatriates its profits very rarely as almost all its profits are invested locally for the improvement of the petroleum industry, Mr. Gupta disclosed adding that it has made a considerable investment in a joint venture with Ceylon Petroleum Storage Terminals Ltd (CPSTL) in Trincomalee.
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