Nepal Oil Corporation claims Rs 50 billion loss in a year

Nepal Oil Corporation claimed that it incurred a loss of Rs 50 billion in the financial year 2021/22. It is said to be the biggest loss so far for the NOC.

In a press conference held on Tuesday, NOC’s executive director Umesh Prasad Thani said, “Even though the final audit of the corporation is yet to be done, the loss has reached roughly Rs 50 billion already. We matched 17 billion rupees from various sources and balances. The rest is arrears and bank loans.”

Last year, Nepal had a petroleum business of Rs 310 billion, which is twice more than the previous year.

In the year 2020/21, the NOC purchased petroleum products worth Rs 158 billion. Before that, the corporation was making a profit of Rs 13 billion.