Sri Lanka’s CPC loses Rs615bn in 2022 with Rs527bn forex loss

Sri Lanka’s Ceylon Petroleum Corporation has lost 615.1 billion rupees in 2022 despite price hikes, with 527 billion rupees coming from a forex loss as the rupee collapsed, central bank data showed.

“Financial performance of CPC worsened further in 2022, largely driven by losses due to significant depreciation of the exchange rate, despite the cost reflective price revisions, which were mostly implemented in the second half of 2022,” the central bank said in its annual report.

The CPC’s operational loss was only 6.2 billion rupees in 2022 down from 41.3 billion rupee in 2021, “partially reflecting the impact of price revisions amidst notable fluctuations in global crude oil prices,” the central bank said.

Read more on Economy Next