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Solution: petroleum price adjustment

Monday, April 18th, 2011
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Nepal Oil Corporation (NOC) Executive Director Digambhar Jha has said that the Corporation has not been able to ease the supply of petroleum products due to a drastic cut on its import.

Speaking at a program at the Reporters Club on Sunday, Jha said the supply of petroleum products to Nepal has gone down by 45 per cent as it has not cleared its dues to the Indian Oil Corporation (IOC). According to Jha, the Corporation owes Rs 1.96 billion to IOC.

He stressed on the adjustment of the prices of petroleum products to address the financial crisis faced by the Corporation. Otherwise, the government should pay the dues to IOC, he asserted.

Jha also accused the petroleum dealers of fuelling the problem by hoarding petroleum products. Though the Corporation has supplied the petroleum to market as per the demand, the dealers have hoarded it and created an artificial shortage taking an advantage of a cut on its import, he said.

NOC Spokesperson Mukunda Prasad Dhungel added that the increasing power outage in the country is also responsible for the shortage of petroleum products. The consumption of petroleum products has gone up due to increasing duration of load-shedding, he said, arguing that there is no alternative to adjusting the prices of petroleum products as per the international market to end the problem.

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4 Responses to “Solution: petroleum price adjustment”

  1. Vija Srestha on Says:

    So the people who bought and paid for the petroleum and other products supplied by Nepal Oil Corrpuration are made to pay second time just to clear the dues the Nepal Oil Corrporation owes to IOC.
    Mr.Jha,do not just make statements,explain one simple thing.
    When the prices on petroleum are put to its consummers,is it the real price ,is it the final cost as to my understanding,anyone who does bizness puts the selling price higher to have its profit already,so tell us Mr.Jha ,where did the profit money go?Did it go into individual pockets or did it cover some other whole that required an urgent attention and now you try to explain to the people that the petroleum prices etc has to go up otherwise the Government will have to pay due of Nepal Oil Corrporation.
    Why there is a discrimination of prices in International and Nepali Market?If the petrol costs certain amount ,so it costs certain amount,unless international market sells the worst quality petroleum and products for lower prices and you at NOC live on discrepancy. There is no artificial way of easying the cost and that is the result of this financial crisis not just for the NOC,plus the induction of prices in the market is in agreement with the Government so is this again one of the schemes how to write of misused money by NOC and the Government and as I understand it is the best place to put on price,as millions of people have no choice as to buy products of NOC .Soon we will have put on prices on daily products like rice,milk etc.Already the sound of food crises has reached the other parts of the country.
    Are you looking for a solution?Don’t mis-use money.

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