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Nepal Oil Corporation Incurs Huge Loss
By KTM Metro Reporter
March 2, 2011: after the Indian state-run company called Indian Oil Corporation increased the prices of fossil fuels in response to the increasing prices of crude oil at the international market due to the people’s uprising in Libya despite Saudi Arabia has been pumping additional oil to offset the deficit caused by the chaos in Libya, Nepal Oil Corporation (NOC) has felt the heat of the price rise of petroleum products in India. NOC management has stated the company will be running the loss of hundreds of millions of rupees every month if the government does not allow it to adjust the prices of petroleum products.
The government of Nepal needs to delegate the authority of adjusting the retail prices of petroleum products to the management of NOC corresponding to the retail prices in India otherwise NOC will not only need to bear the losses but also cannot bring in petroleum products to Nepal as the unscrupulous ministers and manager of the NOC tend to sell the Nepal-bound petroleum products in the Indian market.
One of the main reasons for the NOC has been incurring heavy losses is the departmental former ministers of the cabinet headed by Madhav Nepal had filled up the tanks of their cars with the petrol from the NOC gratis. Probably, Madhav Nepal and his supporters must have done the same thing as Madhav Nepal and persons of his inner circle did not have any feeling of shame on robbing the state treasury.
