Views Collection

The Nepal Oil Corporation is literally gone bankrupt. There are no such rules and legislations in our law. Had there been any rules Nepal Oil Corporation would have been declared bankrupt and as the law applies it would have no further authority to carry on its duty.

The total balance due sums up to 3.2 billion to be paid to the Indian Oil Corporation which has resulted in a cut of 45% to 50% of the supply of oil here to Nepal. The Nepal Oil Corporation has been bearing a huge loss for the last five years as stated by the spokesperson at Nepal Oil Corporation. This has created scarce in petroleum in Nepal. The accumulated loans and dues unpaid by the Nepal Oil Corporation crosses eleven billion and the amount would remain unpaid in the future as well. No way in hell would Nepal Oil Corporation be able to pay the dues. The Nepal Oil Corporation has asked the government for 1.5 billion loan so as to manage stock to fulfill the demand of petrol in the country. The due amount sums up to 250 million to be paid to the Indian Oil Corporation just for the month of September. Due to this there is a scarcity of petrol in the nation and everything is in chaos as the transportation is everything that a society depends upon. Lack of proper laws the Nepal Oil Corporation is still crawling unless one day it is for sure that it will have to shut down. Before the new firm is designated for importing petrol in the country, Nepalese would have to face a lot of trouble.