The loss making Ceylon Petroleum Corporation (CPC) is running with manpower shortage compelling the management to pay millions of rupees for over time for the work done by employees out side their normal duty hours.
This was disclosed by the General Manger of CPC in a report submitted to Power and Energy Minister Mahinda Amaraweera recently.
In his report he indicated that there was shortage of around 900 employees to carry out normal functions of the corporation.
Although the approved cadre of CPC was 3248, only 2375 employees are working at present, the report revealed adding that the corporation had to pay overtime for workers amounting to staggering Rs.107.9 million for the month of November alone.
The shortage of workers at the Sapugaskanda oil refinery was around 760, the report divulged.
Minister Amaraweera has issued instructions to top management of the CPC to remedy the situation.
The CPC’s net loss widened to Rs. 104 billion in 2018 owing to the exchange rate variation of Rs. 82.7 billion
.
In 2018, the CPC sold 5,626.4 million Lts which is a 0.6 percent increase from 5,591.8 million Lts sold in 2017.
However, CPC’s total revenue increased by 16 percent in 2018 mainly due to the implementation of cost reflective price formula since May 2018.
However, the formula has not covered the full cost of the CPC which has adversely affected to its financial position.
Non-receipt of government outstanding debts and the depreciation of Rupee against the US$ has pushed the CPC towards bank borrowings of Rs. 562 billion, an increase of Rs. 224 billion against 2017.
(LI)