NOC's loss declines

With the substantial decline in the price of petroleum products in the international market, the monthly loss of the Nepal Oil Corporation (NOC), too, has come down sharply.

According to reports, the NOC currently suffers from Rs 5.4 million loss per month. This is a huge decline in its losses compared to months of August and September last year when its accumulated monthly losses were between Rs 630 to Rs 850 million.

In the last four years, the NOC has accumulated total loss over Rs 22 billion. It still has to pay outstanding dues over Rs 10 billion to the Indian Oil Corporation (IOC).

As such, despite the decline of the petroleum price in international market, the NOC has indicated that it is in no position to bring down the price in domestic market anytime soon. nepalnews.com sd Jan 26 07