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Wednesday Aug 17, 2022

NRB suggests to reduce petroleum imports


Nepalnews
2022 Apr 06, 17:23, Kathmandu

Nepal Rastra Bank, which is also the economic advisor to the government, has suggested to reduce the import of petroleum products by more than half. The central bank has given such suggestions while sending written suggestions to the Ministry of Finance on April 3 regarding the current state of the economy.

In the 4th point of the letter of recommendation addressed to the Finance Minister, it is mentioned that the supply management of petroleum products should be arranged in such a way that the NRB pays only 12 to 13 billion rupees monthly.

According to the NRB's proposal, if the decision to reduce the supply of petroleum products is implemented, the current petroleum imports will be cut by more than half. According to the officials of the corporation, this could create an extreme shortage of petroleum.

According to the Nepal Oil Corporation, it has been paying at least Rs 24 to 29 billion monthly to the Indian Oil Corporation for purchasing petroleum products in recent months.

According to Nagendra Saha, deputy executive director of the corporation, the corporation had purchased petroleum worth Rs 29 billion in March last year. Similarly, oil worth Rs 27 billion was purchased in the previous month of February.

The corporation currently buys an average of 278,000 kiloliters of petroleum. Saha said that the corporation's liability has increased due to the increase in the price of petroleum, which is the same as the average monthly purchase of petroleum till last July.


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NRB reduce petroleum imports Nepal Oil Corporation Rs 24 to 29 billion
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