Kathmandu,

July 3,

Minister for Industry, Commerce and Supplies Dilendra Prasad Badu said that the private sector can become a partner of the Oil Corporation since losses could not be borne by Nepal oil corporation(NOC) only.

He emphasized on reducing imports and increasing exports to reduce trade deficit. However, the global economy is currently reeling from the global Corona epidemic and the Russia-Ukraine war. Its impact was felt in Nepal as well.

Similarly, some of the industries in Nepal are in trouble due to some policies taken by the neighboring country India and the tax policy of the Government of Nepal for the coming year. In addition, the Nepal Oil Corporation's deficit has been rising day by day due to rising prices of petroleum products, which has had a negative impact on the country's economy.

"During this period, a plan was made to reduce imports and increase exports," said Minister Badu.

"Petroleum prices are rising around the world because of the war in Russia and Ukraine. That is why Nepal has been forced to buy expensive petroleum products, 'said Minister Badu. As a result, the price of petroleum products has gone up. '

Badu said "Currently, the Nepal Oil Corporation (NOC) is selling and distributing petroleum products alone. "The corporation will continue to do what it does, but discussions are underway to give some of it to the private sector."