No hike in fuel prices despite increase in tax net: Finance Ministry « Khabarhub
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No hike in fuel prices despite increase in tax net: Finance Ministry


28 February 2020  

Time taken to read : 2 Minute


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KATHMANDU: The Ministry of Finance has said that the market price of petroleum products will not be impacted despite an increase in infrastructure development tax.

Issuing a statement the ministry said, “The price of petroleum products will not increase as the tax will be leveled against the profit of Nepal Oil Corporation (NOC) and thus there will be no increase in price for consumers.”

The government has made a slight revision in the tax imposed on infrastructure development.

With the revision, the government has increased it to Rs 10 per liter petroleum product at a customs point. The decision to this was made by the Cabinet decision three days back.

The tax on infrastructure development was first introduced by then finance minister Bishnu Poudel in 2073/74. As the national pride project, this tax was implemented on the Budhigandaki Hydropower Project.

A total of Rs 41 billion has been raised so far with the tax of Rs 5 per liter in petroleum products at a customs point.

The amount has been used for compensation to the land acquired for the project.

Publish Date : 28 February 2020 17:02 PM

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