Question to the corporation: Has the price of fuel been increased to the benefit of the petrol pump?

Commerce Secretary - Online Khabar

umesh prashad thani

A press conference organized by the corporation at the Ministry of Commerce on Monday.

June 6, Kathmandu. Speaking at a meeting of the House of Representatives on Monday, CPN-UML MP Padmakumari Aryal questioned the government on the huge economic benefits gained by raising fuel stocks at petrol pumps. He said that while the price of fuel was increasing, the people were suffering.

After the main opposition CPN-UML demanded an answer in the House of Representatives on the rise in prices of petroleum products, Speaker Agni Prasad Sapkota also ruled the government to respond.

At a meeting of the Industry and Commerce Labor and Consumer Interest Committee of the House of Representatives on Monday, Minister for Industry, Commerce and Supplies Dilendra Prasad Badu clarified that there is an obligation to increase the price of petroleum products in Nepal as well.

The contingency press conference organized by the Nepal Oil Corporation on Monday to explain the reasons for the price hike also raised questions about the price hike. At the press conference, it was alleged that the corporation had increased the price of petroleum products at high prices, which had created an environment for petrol pumps to buy petrol on Sunday. From the floor, the officials of the corporation said, “After selling millions of liters of petroleum in one day, the price has skyrocketed. The question came.

At a press conference held at the hall of the Ministry of Industry, Commerce and Supplies, the corporation reiterated that it had to increase prices only for international reasons.

Secretary at the Ministry and Chairman of the Board of Directors of the Corporation Ganesh Prasad Pandey claimed that the world supply chain damaged due to the Russia-Ukraine war has affected Nepal. Umesh Prasad Thani, executive director of the corporation, claimed that the corporation was still in a deficit of Rs 5 billion even after the price hike on Sunday.

Due to the international market price, there is a loss of Rs 13.58 per liter on petrol, Rs 13.95 per liter on diesel and Rs 754 per cylinder on gas in 15 days, he said. “Even after the price hike, the corporation still has a loss of Rs 2.35 billion in 15 days,” said Thani.

Stating that the price hike has been forced, Thani said that they are now working hard to regularize the supply. He claimed that there was no alternative to raising the price to pay the Indian Oil Corporation (IOC).

According to the past statistics of the Nepal Oil Corporation, an average of 3,414 kiloliters of petrol and 7,747 kiloliters of diesel are sold on Sunday, the day after the public holiday. According to this calculation, the corporation sells 3.4 million liters of petrol daily. With the price hike on Sunday night, 1400 pumps across the country will get a direct benefit of Rs 71.6 million on petrol alone. Similarly, there is talk in the market that the pumps that have purchased 77.47 million liters of diesel will get a profit of Rs. 209.1 million after increasing the price by Rs. 27 per liter on the same day.

It was natural for the corporation to raise questions when there was a dispute in the corporation’s board of directors that raising prices on Sunday was not in the interest of the corporation and consumers.

Speaking at the press conference, Supply Secretary Pandey said that he was uncomfortable with the increase in the price of petroleum products on Sunday.

“I am also uncomfortable with yesterday’s price hike,” Pandey said. “But the people have shown patience and courage. He said in his closing remarks at the end of the press conference:

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