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Petroleum Import up by 20 percent

  1 min 3 sec to read

August 19: The import of petroleum product has increased by 20 percent in fiscal year 2074/75 ac compared to the previous year.

Nepal Oil Cooperation (NOC) in a statement informed that the increase in consumption has led to the increase in import. According to records maintained by the NOC, the import of petrol, diesel, kerosene, aircraft fuel and LP gas have all increased.

Experts have pointed out to the increasing petroleum import as the reason for increasing trade loss of Nepal.   

According to Sushil Bhattarai, managing director of Nepal Oil Corporation, petroleum goods worth Rs 1.8 billion was imported in the FY 2073/74 which has now reached Rs 2 billion in 2074/75.

He informed that the NOC is bearing loss with the increase in demand of petrol and the price hike in the international market.

According to the new price lists issued by the Indian Oil Cooperation on August 1 and 16, NOC is bearing a loss of Rs 250 million per day. 

NOC is generally bearing losses on LP gas which has accompanied heavy financial burden. Birendra Goit, spokesperson of NOC informed that the cooperation is bearing a loss of Rs 280.6 in every unit sale of LG gas cylinder. 

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