Stories Tagged 'Fuel import'
Nepal blew Rs103 billion on fuel imports in the first six months of the current fiscal year, despite regular power supply to households and industries.
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With the swelling current account deficit eating into country’s foreign exchange reserves, the government is exploring measures, including quantitative import restriction on some items, to curb the ever-increasing imports.
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Nepal’s fuel import bill jumped 68 percent to Rs69.07 billion in the first four months of the current fiscal year, as a rising dollar, increased smuggling and rising crude oil prices took their toll. Considering the bill for the first quadrimester, this year’s fuel expenses are set to overtake last year’s record spending, officials said.
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The country’s fuel import bill surged 43.1 percent in fiscal 2017-18 to Rs170.13 billion as a rising dollar, increased smuggling and jump in crude oil prices took their toll.
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Nepal’s oil import bill ballooned to a record Rs131.93 billion in the first 10 months of the fiscal year, largely due to a sharp growth in domestic consumption despite regular electricity supply.
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Nepal Oil Corporation (NOC) will be installing a security locking system on oil tankers bringing fuel through the Nepalgunj and Bhairahawa border points from April 23 in a bid to eliminate pilferage in transit. Currently, only tankers entering Nepal through Kakarbhitta are fitted with the locking system.
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