He said this during a meeting held with the trade union representatives of the CPC and the Ceylon Petroleum Storage Terminal yesterday (26) morning.

Although CPC's storage terminal had made a profit of Rs 1 billion annually, it too, has been incurring losses recently, due to the same reason, the minister added.

Factors including the depreciation of the rupee, declining fuel demands, lack of modernisation at the CPC, fuel subsidies have all contributed to this situation, he had further said.