NOC to pay 500m to IOC today

KATHMANDU, July 29 - At the time when the consumers have reeling under severe fuel crisis, Nepal Oil Corporation (NOC) Tuesday decided to pay Rs 500 million to Indian Oil Corporation (IOC), the sole supplier of petroleum products to Nepal, in a bid to smooth out the worsening fuel crisis. ... ...of the one billion to be paid as per the previous announcement, the state-owned NOC is set to pay half of the amount to the IOC today.While the remaining fifty percent of the amount would be submitted by the first week of August, Director at NOC Digamber Jha said.Fifty-percent of the demand will be fulfilled after the clearance of the dues, Jha added.Currently, only 25 percent of the total demand for 83,000 kilo liters of fuel is being brought in the country.NOC has already paid about 1 billion 760 million in installments in July this year.The already crunched fuel supply is going up in the market day after day as the NOC has been supplying less quantity of petroleum products than the demand.

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