Ceylon Petroleum Corporation Will Incur a Loss Of. Rs.Two Billion Per Month. Due To The Increase Of Excise Duty Of Diesel-Minister Of Petroleum Resources

Due to the increase of  excise duty imposed on Diesel ,The state owned Ceylon Petroleum Corporation (CPC) will incur a loss of around  Rs.2 billion per month according to the Minister Of Petroleum Resources Chandima Weerakkody.

As the Finance Ministry has increased the excise duty imposed  on Diesel  by Rs.three per liter from,Rs.ten per liter of Diesel  to Rs.thirteen with effect from 20th of August without increasing the retail price of the Diesel  the loss has incurred the Minister has stated.

Local production too affected due to the tax as  the 50,000 barrel per day local oil production is taxed  he has stressed.