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Ceylon Petroleum Corporation: What Drives the Losses?

Ceylon Petroleum Corporation (CPC) is the state-owned enterprise in Sri Lanka with the largest accumulated losses – estimated at LKR 335 billion as of 2020. The insight finds that the CPC sells fuel at prices higher than the cost of purchasing, processing and taxes; and that the accumulated losses can be entirely attributed to poor treasury management (interest costs and exchange rate losses).

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Last modified: December 5, 2023