State owned Ceypetco says the Treasury will settle Rs. 6 bn outstanding in subsidy claims this year, even as deferred payments to Iran fall due in July. State owned Ceypetco says the Treasury will settle Rs. 6 bn outstanding in subsidy claims this year, even as deferred payments to Iran fall due in July. Not allowed to raise prices, the Treasury chalked up Rs. 14 bn in outstanding subsidy payments owed to Ceypetco last year, and is now beginning to clear it up.
“The Finance Ministry agreed to set off about Rs. 8 bn against CPC revenue owed to the Treasury. Negotiations are taking place to settle the balance Rs. 6 bn against an almost equal amount we owe the Inland Revenue Department,” Chairman of Ceypetco, Jaliya Medagama said in an interview with LBO.
About Rs. 30 bn a year is channelled into state coffers as taxes from the state owned Petroleum Corporation, with Ceypetco posting a Rs. 130 bn turnover a year.
But the problem is a recurring one, with Ceypetco not allowed to raise prices despite soaring global prices of crude.
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The Treasury already owes CPC to the tune of Rs. 3.5 bn from January to date.
Ceypetco buys its crude at US$