Due to the steps being taken by the China-owned Sinopec company regarding its sale, there is a serious risk of closure of the petroleum corporation in the near future.Sri Lanka Latest News
Due to the Sinopec company, the sale of fuel in the petroleum corporation has already fallen drastically, and it is reported that the income is decreasing day by day.
Sinopec Company has announced that it will provide a credit period of 03 days to the gas stations that have contracted with it, and at the same time, it will also offer a credit limit of 27.6 million rupees.
Nearly 100 fuel sheds owned by the Petroleum Corporation have been provided to China’s Sinopec Company and about 50 more fuel sheds are to be provided to them.
Also, the sale of Octane 92 petrol of the Ceylon Petroleum Corporation, on the other hand, has directly affected the income of the corporation.
Reports of the Ceylon Petroleum Statutory Corporation reveal that the fuel demand has decreased due to China’s Sinopec selling 92 octane petrol at low prices.
Sinopec sells a liter of octane 92 petrol at 358 rupees, while Ceylon Petroleum Corporation and Ceylon Indian Oil sell a liter of octane 92 petrol at 365 rupees.
This situation has had a direct impact on the profits of the Ceylon Petroleum Corporation.
However, it is also reported that there has been opposition among the oil separators regarding the delivery of their fuel hulls to the Chinese company.
It is reported that this is due to the fact that they have not completed the agreements presented by Sinopec before starting operations.
However, when Sinopec sells fuel at low prices, it is unfair for Petroleum Corporation and Indian Oil to sell fuel at higher prices.
It is said that since no regulatory commission has been established regarding petroleum, there is a situation where it is impossible to act against it.
In the meantime, it is reported that the Mineral Oil Separators Association will hold a meeting with the management of the Petroleum Corporation this afternoon (11).
