The interim report released by the Committee on Public Enterprises (COPE) reveals that the Ceylon Petroleum Corporation (CPC) has overpaid USD 2,060,842 to a foreign company named UAE since an installment of USD 54 had been included twice in the agreement entered into for the purchase of fuel.

COPE chairman revealed this during the media briefing held on 5 August regarding the interim report.

The report further states that the losses incurred by the CPC due to the purchase of sub-standard fuel between 01.06.2011 and 30.06.2012 have been estimated at Rs. 8.3 billion.

Delays in laboratory testing, weaknesses in communication, not being adequately prepared to face the ever changing challenges in the market, overpayments, distribution weaknesses, wastage due to high and low Octane petrol being mixed etc have been indicated as the causes for these losses.

Up to the time of investigations the total loss incurred by the CPC due to its hedging deal is USD 75.28 million, according to the COPE interim report.