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Petro shortage hits capital once again

KATHMANDU: A shortage of fuel has emerged in the capital following reduced importation of petroleum products due to the delay by Nepal Oil Corporation (NOC) in paying dues to the Indian Oil Corporation (IOC).

IOC has curtailed the supply of petroleum products to the NOC following the delay in paying back its loan.

Spokesman of NOC Mukunda Dhungel said the shortage of petroleum has occurred after the IOC drastically cut the supply of petroleum products to NOC.

However, Dhungel said the fuel crisis would ease in a few days as the NOC is in the process of taking a loan of one billion rupees from the Citizen’s Investment Fund to pay the IOC.
It is said that IOC has made 70 per cent cuts in its supply of petroleum products to the NOC. Spokesman Dhungel said NOC will clear the loan dues with IOC within a week.
The NOC had demanded Rs. 2.1 billion from the government to pay its loans to the IOC. But it has so far received only Rs. 450 million of the total amount it had asked for. Dhungel said talks are on with lending agencies for the release of the remaining amount. RSS

Published Date: Tuesday, June 5th, 2012 | 10:50 PM

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