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The Ceylon Petroleum Corporation (CPC) is reportedly facing a severe crisis as it will not be able to find the $ 42 million (approximately 8,610 million rupees) needed to import fuel next month.
Energy Minister Udaya Kamanpila had demanded the money at a cabinet meeting last week, but no solution has been found so far, sources said.
The Minister pointed out to the Cabinet that although the Ceylon Petroleum Corporation could find the rupee, it could not find the dollar and in this situation fuel imports were in serious crisis.
The Minister pointed out that the Petroleum Corporation owes about US $ 3700 million to the two state banks, the Bank of Ceylon about US $ 196 million and the People’s Bank about US $ 176 million.
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