KATHMANDU: Nepal Oil Corporation (NOC) has incurred a loss of Rs 19.26 billion in the first six months of the current fiscal year.
NOC made the figures public in a statement issued in Kathmandu on Monday.
The Corporation has been receiving new prices from Indian Oil Corporation every 15 days. In the period of past six-month of the current Fiscal Year, new prices have been received for the 12th time and the prices are increased most of the time.
NOC has projected to incur the loss of 21.50 billion rupees by January 31 if the price received on January 16, 2022 is not adjusted at the earliest.
The corporation has incurred an estimated loss of Rs. 19.26 billion in the six months to mid-January of the current fiscal year. If the corporation does not adjust the price according to the new price received on January 16, 2022, then in the next 15 days the corporation will have to pay additional Rs. 2.24 billion taking the deficit to Rs 21.50 billion than in the corresponding period of the previous year, the statement read.
The corporation, which has been running at a loss, has said that it is facilitating the supply of petroleum products across the country by paying to Indian Oil Corporation as per the agreement from the amount set aside for savings, accrued profit, liability amount to be deposited in the price stabilization fund, employee accommodation and bonus.
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