Import expense on petroleum declines 19 pc in first month of current FY

Kathmandu:  Nepal’s spending on petroleum products fell 19 percent in the first month of the current fiscal year.

The records with the Department of Customs (DoC) show the country imported petroleum products worth Rs 17.79 billion, a drop of 19 percent in the review period. During mid-July and mid-August of fiscal year 2022/23, the import expense on the product was Rs 21.98 billion.

The decline in the import expenses of the country on the petroleum products has been attributed to a fall in the price of petroleum products in the international market during the review period. Manoj Kumar Thakur, spokesperson of Nepal Oil Corporation (NOC), said the fall in price of crude oil in the international market led to the decline in import cost although the quantity purchase escalated in the period.

According to the DoC, Nepal imported 146,165 kiloliters of petrol, diesel and aviation fuel in the first month of the current fiscal year. The imported quantity was 130,071 kiloliters in the same period last year. Likewise, the import of cooking gas was 45,600 tons, up from 41,400 tons.