Nepal’s central bank wants to reduce the import of petroleum products to half

File: An NOC fuel tanker petrol -- Fuel transporters
File: An NOC fuel tanker

Kathmandu, April 6

In view of an impending economic crisis, Nepal’s central bank has requested the government to reduce the import of petroleum products to half.

The Nepal Rastra Bank has written to the Ministry of Finance recently, arguing control of the import of fuels is a must to save the economy.

Currently, Nepal pays India Rs 24 to 29 billion every month for petroleum products. But, the central bank says the amount has to come down to Rs 12 to 13 billion a month.

Nepal Oil Corporation officials say if the suggestion is implemented, it will lead to a severe fuel shortage.

The corporation would spend around Rs 14 billion a month on fuels until July 2021. However, the continuous price hike made the expense almost double, according to Nagendra Sah, an acting managing director of the corporation.

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