Nepal and India will now officially start fuel trade after the virtual-inauguration of the Motihari-Amlekhgunj oil pipeline project in August 2019.
Both countries representatives PM KP Sharma Oli and Narendra Modi will inaugurate the oil pipeline project.
Nepal Ministry of Foreign Affairs (MoFA) and Nepal Oil Corporation (NOC) confirmed the groundwork for the inauguration in August first week.
There is also a likelihood for Presidents of both countries Bidya Devi Bhandari and Ram Nath Kovind to inaugurate the project as the former had invited Kovind for an official visit to Nepal.
“While the first option is more likely, the two governments are also exploring the possibility of the second option,” said an MoFA source.
According to NOC, the total cost for the project went up to NPR 3.25 billion despite an earlier estimation of 2.75 billion.
The commencement of the project will not only ease NOC’s transportation cost, but will also reduce fuel prices in the domestic market.
“Commercial operation of the cross-border fuel project will bring down fuel price by at least one rupee per litre,” said Sushil Bhattarai, NOC Deputy Executive Director.