Mar 21, Colombo: Sri Lanka's Marxist party Janatha Vimukthi Peramuna (JVP) affiliated anti-corruption movement, Voice Against Corruption (VAC), says that the losses accumulated by the Ceylon Petroleum Corporation (CPC) over the past three years have reached Rs. 100 billion.

Convener of VAC, Wasantha Samarasinghe claimed that local fuel prices were increased even when the oil prices are on the decline in the world market and one of the main reasons for the increase in local fuel prices is due to these losses.

He alleged that the CPC managing director has signed a new agreement, which has resulted in the CPC incurring a Rs. 1.16 billion loss last year.

According to Samarasinghe, under the new agreement the price of a barrel of oil is determined by calculating the average of the five highest prices recorded in a month when normally fuel prices are calculated by the average of the month's price and the latest market price of a barrel of fuel in a five day period.

He added that the VAC would complain to the Commission to Investigate Allegation of Bribery or Corruption if the appointment of the new managing director does not come through a legal framework.