Nepal Oil Corporation(NOC) has proposed government to implement quota system in petroleum products.
As NOC’s deficit continues to grow, it has asked government to implement essential measures to reduce demand of petroleum products. NOC Spokesperson, Binit Mani Upadhyaya has informed that 10 measures to control comsumption has been proposed to government. He also mentioned the brittle financial condition of NOC and said that petroleum import could be halted anyday. Payment due to IOC has crossed 30 billion already, Upadhyaya informed.
NOC has proposed quota system in petroleum distribution with maximum 5 litre provided to 2 wheelers and 20 litres to 4 wheelers like car, jeep and taxis. Among other 10 measures, bringing back Sunday’s holiday is also one. Similarly, ban on import of petroleum vehicles, odd-even rule in vehicles, ban vehicles on Saturday in major cities are other measures proposed in a letter issued to Prime Minister’s Office and Ministry of Industry, Commerce and Supplies.
“In this difficult situation, Corporation is unable to find any financial source neither is able to adjust price as per international price, this might create impact in petroleum supply channel in near future”, a part of letter reads. NOC has been trying to find sources to pay huge arrears with supplier Indian Oil Corporation in recent days. Prices of petroleum products has soared in international market and not being able to adjust prices in local market means a huge deficit to NOC.