Govt decides to provide Rs 2b to NOC to ease fuel supply
The government decided to loan Rs 2 billion to the Nepal Oil Corporation
(NOC) to ease fuel supply on Saturday.
As per the decision, Citizen Investment Trust (CIT) and Employees Provident Fund (EPF) will provide Rs 1 billion each in loans to the cash-strapped oil monopoly under government's guarantee.
The state owned oil monopoly had demanded Rs 4 billion to ease the supply of fuel during the upcoming festivals and the Constituent Assembly elections.
The loan is not sufficient to clear the import bills even for September, an NOC official said. The corporation owes Rs 1.50 billion due to Indian Oil Corporation (IOC) for August while it has projected a loss of Rs 1.62 billion alone for this month. nepalnews.com