Nepal awakened to a harsh reality when its fuel import bill increased to Rs 170.13 billion!<\/p>\n
The 43.1 percent increase for FY 2017-18 was attributed to the rising dollar value, increased smuggling and a hike in crude oil prices.<\/p>\n
Officials say that despite measures like reduced load-shedding hours, the oil import prices continued to increase. This resulted in Nepal\u2019s widened trade deficit.<\/p>\n
Nepal Oil Corporation (NOC) identified gasoline smuggling into India and the rising dollar value against the Nepali Rupee as reasons for Nepal\u2019s high import bill.<\/p>\n
Nepal Fuel Import Statistics FY 2017-18<\/strong>:<\/p>\n However, NOC Acting Managing Director Sushil Bhattarai said the increase in fuel imports was normal.<\/p>\n Petroleum prices in the international market increased from $46 per barrel to $75 per barrel. The exchange rate of the dollar rose to Rs 112 from Rs 102.<\/p>\n \u201cA stronger greenback and higher oil prices in the international market are among the main reasons behind the sharp increase in the country\u2019s import bill,\u201d said Bhattarai<\/span>.<\/p><\/blockquote>\n Regular cross-border smuggling into India due to the difference in prices forced NOC to increase imports to make enough petrol available and tackle shortages.<\/p>\n","protected":false},"excerpt":{"rendered":" Nepal awakened to a harsh reality when its fuel import bill increased to Rs 170.13 billion!…<\/span><\/p>\n\n