KATHMANDU, July 18: The government has decided to provide a loan of Rs 7 billion to Nepal Oil Corporation (NOC) to make the supply of petroleum products smooth.
A meeting of the Council of Ministers on July 15 decided to provide the amount to NOC– the state-owned petroleum importer and supplier– to pay the Indian Oil Corporation (IOC) the dues it owes to the latter due to the adjustment in the prices of petroleum products.
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Addressing a news conference organized at the Ministry of Communications and Information Technology on Sunday to make the Council of Ministers' decisions public, Communications Minister Gyanendra Bahadur Karki informed that the Ministry of Finance has decided to provide the amount to NOC as it was short of money to pay to the IOC.
The cabinet meeting has also decided to provide, through the Ministry of Industry, Commerce and Supplies, to NOC Rs 598.680 million, the amount in lieu of price adjustment made after removing infrastructure tax on petroleum products.
