NOC not in position to buy fuel

KATHMANDU, APRIL 10  : The Nepal Oil Corporation (NOC), which has continously making losses, is now not in a financial position to import petoleum products. "In the Price Stabilisation Fund, we have just Rs 140 milliion that is too meager to purchase the required volume of such products from the Indian Oil Corporation (IOC)," ratopati.com quoted Spokesperson of the NOC, Binit Upadhyay, as saying.  

According to him, the NOC needs to pay at least Rs 14 billion to the IOC on April 23 to ensure the smooth distrubution of fuel in the market. 

It is reported that the Finance Ministry has asked the Rastriya Banijya Bank to float credit to financially facillitate the NOC. If  such financial support is not made within 13/14 days, there could wll be shortage of fuel .    

Accoring to the NOC, its cumulative losses so far have reached a staggering Rs 33 billion.