Friday, 5 August 2016

Nepal Oil Corporation makes profit of Rs 18b profit after 5 years of losses

Posted by Anup Baral August 5th, 2016 :

The state-owned oil monopoly Nepal Oil Corporation has announced that it made a profit of Rs 285 million in the month of May. NOC officials have attributed the increase in profits due to decrease in fuel prices in the international market. NOC had earlier been suffering from losses due to the government’s decision to not hike fuel prices. NOC currently bears losses in cooking gas and diesel whereas it makes profit on petrol and aviation fuel. In the month of April, NOC’s losses stood at Rs 160 million. NOC is expected incur losses of Rs 33.8 million in June due to the rise in US Dollar. NOC imports fuel and cooking gas from Indian Oil Corporation (IOC). The Indian supplier is the sole provider of petroleum products. The government has recently allowed private companies to import fuel products. NOC’s total debt is around Rs 20 billion.

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