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Kathmandu, Nepal, April 19, 2022: As a part of its effort to reduce import of petroleum products amid depleting foreign currency reserves in the state treasury, the government of Nepal has begun to curtail petroleum facilities that being provided to civil servants by 20 percent.
Sending a circular, the Ministry of Finance (MoF) has stated on Monday that the decision to reduce expenses incurred on fuel will be effective till the end of the current fiscal year 2078-079 BS.
The circular is sent in line with the cabinet decision. A cabinet meeting held earlier on Wednesday had decided to cut off the expenses incurred on petroleum products of all the government offices and public enterprises.
The government had taken the decision in the wake of an increasing trade deficit, decreasing rate of remittance inflow and growing pressure on the foreign currency reserve.
The Russia-Ukraine war, which has been going on for over a month now, has resulted in a major spike in global oil prices.
