Kathmandu, 18 July: The government has decided to provide a loan of Rs 7 billion to Nepal Oil Corporation (NOC) to make the supply of petroleum products smooth. A meeting of the Council of Ministers on July 15 decided to provide the amount to NOC, the state-owned petroleum importer and supplier, to pay the Indian Oil Corporation (IOC) the dues it owes to the latter due to the adjustment in price of petroleum products.
The Cabinet decided to provide the amount through the Ministry of Industry, Commerce and Supplies, to NOC Rs 598 million 680 thousand, the amount in lieu of price adjustment in terms of infrastructure tax on petroleum products. The government has taken a decision to extend the term for financial management of the Upper Karnali Hydropower Project by two years from the date of the Cabinet decision.
People’s News Monitoring Service
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