The Ceylon Petroleum Corporation is to enter into a pricing formula with the Ceylon Electricity Board (CEB) to supply fuel in a fresh bid to prevent the CPC from incurring losses, Petroleum Resources Minister Susil Premajaynatha told the Sunday Times.
He said the formula would be based on the international price and exchange rate fluctuations.
He said that the CEB also had consented to the formula which would be implemented shortly.
The minister said he believed the new formula would help minimise the CPC’s losses. By the end of 2009, the CEB owed the CPC Rs. 52 billion which was eventually set off by the Treasury.
Last month a fresh dispute between the two state bodies broke out over the CEB’s failure to pay Rs. 2.5 billion to the CPC for fuel supplied to the Kerawalapitiya power plant. |
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