Plugging Leaks

Ceypetco is pinning hopes on extended supplier credit from Malaysia and formula adjusted prices to plug a Rs. 5.5 bn hole in the first 4 months this year. Ceypetco is pinning hopes on extended supplier credit from Malaysia and formula adjusted prices to plug a Rs. 5.5 bn hole in the first 4 months this year. The oil giant is in talks with Malaysia for extended credit of 180 days. US$ 136 mn in deferred payments to Iran have also fallen due.

Ceypetco is still losing on each litre of fuel, with Wednesday’s price revision shaving off just Rs. 800 mn on the Rs. 3.5 bn subsidy tab in April.

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