Govt to provide Rs 4.25 bn to NOC

Kathmandu (Rashtriya Samachar Samiti): The government has decided to provide funds to the Nepal Oil Corporation (NOC) for the purchase of petroleum products.

A meeting of the Price Stabilization Fund held on Saturday decided that the corporation would provide Rs 4.25 billion less than the first installment due to the Indian Oil Corporation (IOC).

Even after the price adjustment of petroleum products last Thursday, the corporation has stated that there is a loss of around Rs 2.5 billion in 15 days.

The purchase price of the corporation has been increasing due to the recent rise in the price of crude oil in the international market. The corporation had demanded to provide an insufficient amount from the price stabilization fund after the first installment due to the IOC in March being insufficient.

The corporation has been paying installments to IOC on the 8th and 23rd of every month.

Earlier, Rs 1.80 billion was provided to the corporation in January from the stabilization fund.

Spokesperson Binit Mani Upadhyaya said that the decision of the government to provide funds to the corporation would help in keeping the supply of petroleum products smooth.