Govt to provide Rs 500 million to NOC

The government is preparing to provide Rs 500 million to state-owned Nepal Oil Corporation (NOC), which is reeling under financial problems in importing the fuel.

As the NOC's collection from market was inadequate to service import bill, the cabinet had recently decided to give the money. The Finance Ministry, however, is yet to release the amount.

As per the latest international price and NOC's import price from Indian Oil Corporation (IOC), the NOC's monthly loss has crossed Rs 1.35 billion.

The NOC is once again facing crunch in supply from IOC as it could not pay adequate amount. nepalnews.com sd Apr 23 08