Most of the petrol pumps in the capital are without petrol and diesel as Nepal Oil Corporation (NOC) slashed the imports of petroleum products by 45 percent citing lack of budget.
The state oil monopoly was forced to cut down the imports of petroleum products as it failed to pay the dues and payments to Indian Oil Corporation (IOC), according to NOC.
The government has also agreed to provide the loan assistance of Rs. 1.50 billion to the corporation on its plea to ease the regular imports of petroleum products as NOC loss reached Rs. 1.76 billion as per the new price list sent by the Indian oil supplier on April 1.
But due to the delay in the loan assistance from the government, the corporation was left with no option but to decrease the regular imports of petroleum product by 45 percent in April, according to NOC.
As per the latest price list, NOC has been incurring the loss of Rs. 20.96 per litre in diesel, Rs. 11.25 per litre in kerosene, and Rs. 288.79 per cylinder in the Liquefied Petroleum Gas. However, corporation is in profit in Air Turbine Fuel (ATF).
The state owned oil monopoly, has been incurring extra losses in the gap of every 15 days following the price list sent by the IOC.
As per the earlier price list sent by the IOC on March 15, NOC had incurred the loss of Rs. 1.55 billion per month. nepalnews.com
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