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CPC dealers to stop transactions with a State bank?

02 Oct 2022

By Maheesha Mudugamuwa   The Ceylon Petroleum Corporation (CPC) has requested fuel shed owners to discontinue online financial transactions with a State-owned bank, The Sunday Morning learns. In a letter written to the CPC Deputy General Manager (Marketing) by the CPC Deputy General Manager for Finance and Senior Finance Manager, instructions had been issued to make the necessary arrangement to inform the dealers to stop online transactions with the respective State bank’s current A/No: *********045 operated by CPC at the bank’s Union Place branch with effect from 26 September 2022 until further notice. The dealers however had been requested to continue transactions with the CPC’s bank accounts at Sampath Bank PLC, Hatton National Bank, Bank of Ceylon, Nations Trust Bank, Seylan Bank, DFCC Bank, National Development Bank, and Commercial Bank, according to the letter. The letter, seen by The Sunday Morning, had not given any reason as to why the dealers had been requested to stop online transactions with the respective bank. However, it is alleged that CPC had taken this decision due to fears that the respective State bank would use the monies received by the dealers as payment to CPC to be set against the loan payments due from CPC. When The Sunday Morning contacted a senior official attached to the CPC Finance Division, who wished to remain anonymous, the official said that there was no such restriction imposed by the CPC and that any dealer could deposit money to any available account as per their wishes. “We have not restricted anyone. There is a counter at CPC too. Anyone can come and deposit money there too. Or else, as per their wish, to any bank account that they wish,” he added. Meanwhile, CPC recently introduced a new payment mechanism for filling stations by suspending the previous mechanism based on Cash On Delivery (COD). Earlier, filling stations were given the opportunity to pay by cheque. However, following the instructions in line with the new mechanism, the filling stations are no longer permitted to pay on a COD basis.  As per the decision taken by the CPC, shed owners are required to deposit cash before 10.30 p.m. on the delivery date.  


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