Following the drop in fuel prices in the world market, though the Ceylon Petroleum Corporation (CPC) enjoyed some profits during the first two months of 2015, it has come to light that the corporation has incurred losses following the government reducing the prices of diesel, petro and kerosene oil in the local market.

Mid-Year Fiscal Position Report 2015 released by the Finance Ministry indicates that after the government had reduced the fuel prices in January this year, the CPC has recorded a loss of Rs 05 billion during the first four months of 2015.

During the same period in 2014, the CPC had recorded a profit of Rs. 02 billion.

This report reveals that the CPC had imported fuel to the tune of Rs. 90 billion during the first four months of 2015.

This is a drop of 22 per cent when compared to the first four months of 2014 with the CPC importing fuel to the tune of Rs. 115 billion during the first four months of last year.