Nepal Government to provide NOC with 4 billion 250 million for fuel purchase
Kathmandu, March 7. The government has decided to provide funds to the Nepal Oil Corporation(NOC) for the purchase of petroleum products. It was in trouble after its savings account was depleted to zero.
At Monday’s meeting of the Price Stabilization Fund, it was decided to provide Indian Oil Corporation with the remaining Rs. 4.25 billion due under the first installment.
The NOC has stated that there has been a loss of around NRs 2.5 billion in 15 days, despite the price adjustment last Thursday. Due to increase in price of crude oil on the international market, NOC’s purchase price has risen.
According to Spokesperson Binit Mani Upadhyaya, the decision of the government to provide funds to the NOC would help in keeping the supply of petroleum products smooth.
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