Nepal Oil Corporation (NOC) released Rs 5.82 billion to Indian Oil Corporation (IOC) over the past two days.
The amount was released to clear the petroleum import bill for the month of February, according to NOC officials.
The state-owned petroleum monopolist had released Rs 4.94 billion on Tuesday, while the remaining Rs 880 million was paid on Wednesday.
“Now we have cleared our outstanding dues, IOC will resume normal supply of petroleum products from Thursday,” Mukunda Ghimire, spokesperson of NOC told Republica. “Fuel shortage in the market will end from the same evening.”
IOC had reduced supply of petroleum products by around 40 percent after NOC failed to clear dues within the stipulated timeframe. Though NOC had tried to meet the demand by supplying fuel from its stock, it was simply insufficient.
“We supplied fuel from our stock over the past week to make sure that petroleum products are not in short supply,” Ghimire said, adding, “But demand increased manifold maybe due to fear of shortage.”
According to officials, NOC cleared the dues from its own resources. Though the government had asked Citizens Investment Trust (CIT) and Employees´ Provident Fund (EPF) to lend Rs 2.5 billion to NOC, the decision couldn´t be materialized as the cabinet was yet to endorse it.
Ghimire, however, said fuel shortage might return to haunt consumers if CIT and EPF failed to extend loan to NOC at the earliest.
Source
The amount was released to clear the petroleum import bill for the month of February, according to NOC officials.
The state-owned petroleum monopolist had released Rs 4.94 billion on Tuesday, while the remaining Rs 880 million was paid on Wednesday.
“Now we have cleared our outstanding dues, IOC will resume normal supply of petroleum products from Thursday,” Mukunda Ghimire, spokesperson of NOC told Republica. “Fuel shortage in the market will end from the same evening.”
IOC had reduced supply of petroleum products by around 40 percent after NOC failed to clear dues within the stipulated timeframe. Though NOC had tried to meet the demand by supplying fuel from its stock, it was simply insufficient.
“We supplied fuel from our stock over the past week to make sure that petroleum products are not in short supply,” Ghimire said, adding, “But demand increased manifold maybe due to fear of shortage.”
According to officials, NOC cleared the dues from its own resources. Though the government had asked Citizens Investment Trust (CIT) and Employees´ Provident Fund (EPF) to lend Rs 2.5 billion to NOC, the decision couldn´t be materialized as the cabinet was yet to endorse it.
Ghimire, however, said fuel shortage might return to haunt consumers if CIT and EPF failed to extend loan to NOC at the earliest.
Source
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