Rs. 490 m loss from substandard aviation fuel
As much as 14,000 metric tons of aviation fuel bought from Lanka IOC as emergency purchases have been rejected as they were of low quality. This stock has been bought as kerosene oil, causing the CPC a loss of Rs. 490 million.
This consignment was bought as the ship carrying the aviation fuel and due on December 08 had got delayed. A litre of aviation fuel costs Rs. 80, while a litre of kerosene oil is priced at Rs. 45. The CPC has incurred a loss of Rs. 35 per litre. An additional three dollars per litre had to be borne for the emergency purchases, also causing a more than Rs. 650 m loss.
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