Following the entry of new international fuel operators, the Ceylon Petroleum Corporation (CPC) experienced a significant financial setback in 2024 due to a reduction in its market share. According to a report issued by the Ministry of Finance, Economic Stabilization and National Policies, the corporation’s revenue has dropped by 26.9%.
In 2023, the CPC recorded a revenue of Rs. 1,263.6 billion. However, in 2024, this revenue fell by 26.9% to Rs. 923.4 billion, the report states.
The sales volume in 2023 was 4,184 million liters of fuel. In 2024, this figure dropped by 286 million liters. The corporation's gross profit also declined by 53.4%, down to Rs. 75.6 billion in the past year.
However, due to the continuous application of the cost-reflective pricing formula and the relative strengthening of the Sri Lankan Rupee during the year, the corporation still managed to record a net profit of Rs. 33.3 billion.
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