Domestic consumption of petro products falls

The domestic consumption of petroleum products has gone down lately. According to the Nepal Oil Corporation (NOC), the consumption of petroleum products has significantly decreased in the current fiscal year, 2022/23 as compared to the previous year.

Data with the NOC shows that there was the consumption of 44,513 kiloliters of petrol and 78426 kiloliters of diesel during mid-October to mid-November this year as opposed to 63,315 kiloliters of petrol and 135,812 kiloliters of diesel during the correspondent period last year.

In past, the supplies of petroleum products would increase during festivals and elections, but this time the situation is different, NOC Spokesperson Binitmani Upadhyay said.

Liquidity crunch, unfavorable season for development works, the skyrocketing prices of petroleum products and its higher prices in domestic market than in the Indian market are among the factors for the downfall, it has been said.

Higher price of petroleum products in the domestic market may encourage people to fill up their vehicles in Indian cities taking an advantage of open border between Nepal and India, it has been observed.