IOC with 112 filing stations unit makes 7.1 b rupees profits in March 2023 quarter(News item)
Posted on May 3rd, 2023

Dr Sudath Gunasekara

Sri Lanka’s Lanka IOC unit which piggy backs on the pricing of state-run Ceylon Petroleum Corporation but has a leaner operation reported profits of 7.1 billion rupees in the March 2023 quarter up 112 percent from 3.3 billion a year earlier. I wonder whether IOC is paying land rent to the Government at least and taxes.

If IOC with 211 filling stations can make this wonder why can’t the CEPETCO with 850 odd filling stations can’t make a profit and make a loss of billions. This is the billion dollar question any ordinary man in this country will ask. The only answer is poor management, pilferage and may be political involvement as well or connivance of local management with the IOC to support the government’s plan to denationalize the entire business and collect the commissions.

If the IOC can make this miracle why can’t the Government find out as to how it makes such big profit and apply that formula for CEPETCO as well and make profit instead of handing over the entire distribution of fuel to China, USA and Australia as already proposed by the Government

If that is not possible why not we hand over the whole process of Governance also to these countries or hand it back to UK again and be a vassal state or ever.

Either govern the country properly according to the Kautillyan principles of Raksha. Paalana and YoegakShema and make this country prosperous and the people happy or depart without completely ruining this country,  that was once hailed as the pearl of the Indian Ocean.

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