Nepal spent over Rs 340 billion to import petroleum products in first 11 months of current FY

Nepal imported petroleum products worth over Rs 340 billion in the first 11 months of the current fiscal year.

According to the Department of Customs (DoC), Nepal imported 1.60 million kiloliters of diesel worth Rs 145.21 billion during mid-July 2021 and mid-June 2022. Likewise, the country spent Rs 62.91 billion to purchase 678,672 kl of petrol from India.

During the review period, Nepal imported 487.71 kl of cooking gas worth Rs 59.16 billion. Overall, the government collected Rs 118.82 billion in revenue from the petroleum business.

Nepal has been spending a huge amount of foreign currencies to purchase petroleum products. The soaring price of the US dollar and the rise in petroleum prices in the international market has led to the drain of large amounts of foreign currencies from the landlocked country just for the purchase of petroleum products.

Republica