Nepal Government to provide Rs 1 billion to NOCJuly 20th, 2008 - 11:19 am ICT by ANI
Kathmandu, July 20 (ANI): In order to sail through the current acute shortage of petroleum products, the Nepal Government has decided to provide Rs 1 billion to state-owned Nepal Oil Corporation (NOC).
According to Nepalnews, the cabinet meeting on Saturday decided to give the money to the NOC, which has been demanding such subsidy to ensure smooth supply.
Consumers had been hit hard after the NOC was unable to supply even 20 percent of the required demand due to lack of money.
The stock of 70,000-kiloliter capacity of NOC has also dried up.
In the last fiscal year, the government had provided Rs 6.67 billion to NOC.
The NOC has been demanding that either it be allowed to adjust domestic price with international market or it be provided with adequate subsidy. (ANI)