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* Petroleum Industries Ministry of Sri Lanka imposes two month credit limit for state institutions
Sun, Dec 22, 2013, 10:36 pm SL Time, ColomboPage News Desk, Sri Lanka.

Dec 22, Colombo: The Petroleum Industries Ministry of Sri Lanka has newly imposed a two month credit limit for state institutions.

Petroleum Industries Minister Anura Priyadarshana Yapa said that state institutions that are provided with fuel from the Ceylon Petroleum Corporation (CPC) will be given a two month credit limit for the respective institution to settle dues to the Corporation.

He said that state institutions which do not settle dues to the CPC in this two month period will not receive fuel stocks until the dues are settled.

The Minister added that the current concessionary terms will also be withdrawn when providing fuel to state institutions.

SriLankan Airlines and Mihin Lanka are two key state institutions that owe Rs. 30 billion to the CPC.

Yapa explained that the CPC at its own loss has continued to provide fuel to state institutions that have long overdue arrears to the Corporation.

The CPC has been directed to strictly implement the two

month credit limit due to the increasing unpaid dues to the CPC from state institutions.

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