NOC owes 21 billion Rupees to Indian Oil Corporation

September 2, Kathmandu: The Nepal Oil Corporation (NOC) has said that it has to pay 21 billion Rupees till the last of August to the Indian Oil Corporation (IOC) for the purchase of petroleum products.

NOC’s Spokesperson Binitmani Upadhyay said accessible supply of petroleum products by clearing the dues to the IOC was a challenge for NOC.

The government had provided 7 billion Rupees in loan to the NOC some weeks ago as the NOC had no money to purchase petroleum products after its reserve funds remained empty.

Likewise, NOC had taken 3 billion Rupees in loan from Rastriya Banijya Bank (RBB) to ensure accessible supply of petroleum products.

Meanwhile, the NOC has again hiked the price of diesel and kerosene .

With the new price list, per litre diesel and kerosene will cost Rs 178 from Rs 172 of the past.

However, price of other petroleum products including cooking gas, petrol and aviation fuel is unchanged.