Sri Lanka Petroleum Corporation is reported to become a profitable venture for the past six months. Petroleum was previously was reported to be a state – owned loss making venture and the six months profit is to be approximately 70 billion according to internal sources. Sri Lanka Latest News.
It is learned that the corporation has been able to make a profit since December last year due to the introduction of a new price system for sales and following the government’s policy of introducing new purchase methods.
“We made a profit of 60 billion by the end of May. This is a historical matter for us. This may be the first time that a government agency has brought this figure. With the earnings from June, we have made a profit of Rs 72 billion in the first six months,” said a senior official of the Petroleum Statutory Corporation.
Last year, the Treasury notified the Petroleum Statutory Corporation and the Ceylon Electricity Board that the government would no longer provide subsidies, and ordered both entities to set prices based on cost.
