April 15, 2019 [Nepal24Hours.com] – The Nepal Oil Corporation (NOC) has decided to build fuel station in all seven provinces to facilitate and streamline the distribution of fuel in the country.
In the 37th annual general assembly of the NOC held here today, Chairman of the Board of Directors Kedar Bahadur Adhikari shared that it has decided to build the storage facilities for petroleum products and LPG gas with the capacity to meet demand for least 90 days and 45 days respectively.
The state-owned petroleum company has fuel storage that could meet the demand for petroleum products for only seven days while it does not have any storage facility for LP gas currently. NOC had imported 2,667,000 litres of petroleum in the fiscal year 2074/75 BS.
The Corporation suffered a loss of Rs 3 billion due to the increase in the price of fuel it had been purchasing in the first six months of the current fiscal year while the Corporation expected to generate a profit of Rs 5 billion as of the end of the current fiscal year given the rapid fall in the international oil prices.
On the occasion, NOC Executive Director Surendra Kumar Poudel said that the Corporation was active in expansion of fuel storage facilities despite the slim resources in the Corporation. “It is also committed to provide quality petroleum products, expansion of service areas of airplane fuel and expansion of its storage facilities,” Poudel informed.
He also shared that the administrative expenses was recorded at 2 per cent in the current fiscal year and the profit was two per cent of the total trade.
Likewise, Corporation’s Deputy Executive Director Nagendra Shah said that the Corporation had recorded yearly transaction worth Rs 195 billion on average and it had contributed Rs 55 billion in revenue.
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