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COPE Uncovers Major Financial Irregularities in Ceylon Petroleum Corporation

The Committee on Public Enterprises (COPE) has uncovered significant financial irregularities within the Ceylon Petroleum Corporation (CPC), leading to a loss of Rs. 3,416 million from 2014 to 2022.

These losses have been attributed to internal dishonesty and an 8-year and 8-month delay in issuing critical circulars to filling station owners by the Corporation’s marketing department.

COPE has expressed strong displeasure and demanded accountability from the responsible officials.

This issue was revealed during a recent COPE meeting chaired by MP Rohitha Abeygunawardena, which was convened to review the Auditor General’s 2022 report and assess the current status of the corporation, according to a press release from the Parliament’s Communications Department.

The Committee has directed the Corporation to submit a detailed report within seven working days, listing the names of those involved in the fraud and the measures taken to address the issue.

Additionally, it was disclosed that the public has incurred extra costs for fuel due to the payment of Rs. 31,021.07 million in excessive commissions to distributors. These overpayments have resulted in consumers paying Rs. 5.85 more per liter for 92 petrol, Rs. 7.50 more for 95 petrol, Rs. 5.88 more for Lanka Energy Diesel (LED), and Rs. 6.96 more for Lanka Super Diesel (LSD).

COPE has called for a comprehensive report within two weeks on those responsible for the financial misconduct and has recommended filing a complaint with the Criminal Investigation Department (CID) for further investigation. It was also revealed that some officials implicated in the fraud are no longer in the country.

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