Nepal Oil Corporation warns of worsening fuel supply
Wednesday, 9 July 2008
KATHMANDU, July 8 (Xinhua): The Nepal Oil Corporation (NOC) has warned that the long running fuel supply shortage can become worse as there is no concrete plan to address NOC's deepening financial crisis due to soaring global oil prices.
NOC officials told Tuesday's The Kathmandu Post that the supply situation has become more vulnerable as the corporation eyes losses of about 1.30 billion Nepali rupees (about 19 million US dollars) for the month of July.
"The Indian supplier passed on the international crude prices of 137 dollars a barrel to Nepal in July 1. While this has further widened our financial gap, things could go really bad later this month," a senior NOC official told the daily.
The state-owned petroleum import monopolist rang warning bells, as it has anticipated the Indian Oil Corporation to pass on the international price of about 145 dollars per barrel to Nepal in mid-July.
Once that is incorporated into the domestic price structure, the retail prices of petrol and diesel would touch 105 rupees ( about 1.544 dollars) per liter each.
NOC officials told Tuesday's The Kathmandu Post that the supply situation has become more vulnerable as the corporation eyes losses of about 1.30 billion Nepali rupees (about 19 million US dollars) for the month of July.
"The Indian supplier passed on the international crude prices of 137 dollars a barrel to Nepal in July 1. While this has further widened our financial gap, things could go really bad later this month," a senior NOC official told the daily.
The state-owned petroleum import monopolist rang warning bells, as it has anticipated the Indian Oil Corporation to pass on the international price of about 145 dollars per barrel to Nepal in mid-July.
Once that is incorporated into the domestic price structure, the retail prices of petrol and diesel would touch 105 rupees ( about 1.544 dollars) per liter each.