NOC receiving Rs. 10 million

Government is providing Rs. 10 million to Nepal Oil Corporation (NOC) today. The government has allocated this sum to pay outstanding due to Indian Oil Corporation (IOC).

The Finance Ministry has already released the sum to the Ministry of Industry, Commerce and Supply. The NOC is learnt to pay the amount to the IOC as soon as it receives the sum.

A few days back, Minister for Industry, Commerce and Supply Shyam Sundar Gupta had said that government was arranging money to ensure import of petroleum products to meet the market demand.

Minister Gupta had said the Nepal Oil Corporation (NOC) was borrowing Rs. 250 million from Nepal Bank Limited to pay IOC.

The cabinet had decided to announce a supplementary budget for the smooth supply of the petroleum products.