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Kathmandu, Nepal, January 25, 2022: The Nepal Oil Corporation (NOC), the state own petroleum product monopoly, has paid over Rs 13 billion to the Indian Oil Corporation (IOC) for the procurement of oil.
The NOC paid the IOC on Monday by taking Rs 1.80 billion from the price stabilization fund.
The NOC had been failing to pay due to the IOC after it faces huge losses due to the rising prices of petroleum products in the international market.
The NOC will incur further losses if the price of petroleum products is not adjusted with the purchase price, spokesperson Binit Mani Upadhyay said.
