The Petroleum Ministry has said the Ceylon Petroleum Corporation (CPC) will stop supplying fuel at concessionary rates to the Ceylon Electricity Board (CEB) by the end of the year.
The Ministry has stated that the CPC will sell a liter of heavy fuel to the CEB at the market price of Rs. 82 per liter from next year.
The CPC currently sells a liter of heavy fuel to the CEB at Rs. 40.
The CPC a few days back announced that most of its losses have been recorded due to the sale of fuel at concessionary rates to the CEB.
However, the CEB claimed that it had paid all dues to the CPC and its Rs. 5 billion profit for 2010 was recorded after paying all its dues.
Power and Energy Minister Champika Ranawaka said that the CEB had settled all its out due to the CPC, adding that CEB and the CPC were not profit based institutions but provide a service to the people.