No loans to CPC – Fuel crisis deepens

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The Central bank has issued instructions to the two-state banks not to give further lending facilities to the Ceylon Petroleum Corporation (CPC) and on the other, it’s facing a serious foreign exchange crisis.

The CPC has limited oil supply to filling stations and long ques are forming in front of these stations with short supply.

A shipment of approximately 40,000 metric tons of diesel awaits to be cleared at the port and due to the foreign exchange crisis clearance has been delayed.

Meanwhile, CPC is demanding that the Ceylon Electricity Board (CEB) to 146.31 rupees per litre of diesel due to rising global market prices, and pay up its areas t which amounts to about 30 billion rupees.

As the CEB is under financial pressure the cost of electricity is likely to increase.

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