Remaining amount with the corporation, need to take a loan to buy fuel

KATHMANDU: JAN. 18 – According to Nepal Oil Corporation, its financial reserves are fully empty. The corporation has stated that it has exhausted its funds after suffering billions of rupees in losses in the fuel trade. According to a statement, the corporation had incurred a loss of Rs 19.26 billion by mid-January of the current fiscal year and had depleted its financial reserves.

The corporation has also stated that it has been unable to pay for fuel since Magh (January/February). The corporation has now stated that it must obtain a loan in order to purchase fuel.

As the international price of fuel rises, the corporation has been repaying accumulated profits, obligations to be deposited in the price stability fund, employee accommodations and bonuses, and other amounts to cover losses. The corporation has also said that around Rs 2 billion will not be sufficient to pay the IOC by January 23.

There is no other option than to use the corporation’s loan or price stability fund for this.