KATHMANDU, AUGUST 3

The Federation of Nepalese National Transport Entrepreneurs has laid concern with the government for not revising the price of petroleum products even after its price has dropped twice in the international market. In addition, the federation has also warned of holding protests and disrupting services after the Gandaki Province increased taxes levied on them.

Issuing a statement today, the FNNTE has expressed its agitation over the government's failure to understand the woes faced by transport entrepreneurs who have invested billions of rupees in the sector and have created employment for over one million citizens.

'The government remaining mum while the price of petroleum products are not being revised despite the drop in their prices twice in the international market has added further to the woes of transport entrepreneurs already struggling to stay afloat with the increase in vehicle tax, bank interest, insurance fees along with the increase in the price of vehicle parts,' the statement reads.

Furthermore, the FNNTE has warned of staging protests in the Gandaki Province on Sunday after the provincial government decided to increase the taxes levied on transport entrepreneurs. In another statement, the federation apologised to the public in advance and held the provincial government responsible for the issue.

Meanwhile, Nepal Oil Corporation has stated that it is in no position to reduce the prices of petroleum products.

Stating that it would be facing a loss of Rs 630 million over the next 15 days and Rs 1.27 billion in a month, the NOC has shared that the price of petroleum products will remain unchanged.

Following the revised rate list of petroleum products sent by the Indian Oil Corporation (IOC) on August 1, the NOC is currently facing a profit of Rs 2.78 per litre in petrol, while incurring losses of Rs 9.37 per litre in diesel, and Rs 499.57 per LPG cylinder.

Earlier, a decision made by the Cabinet on July 15 had provided NOC with a loan of Rs 10 billion to pay its dues to the IOC. Adding that the NOC still owes IOC Rs 23 billion, the corporation has requested the public to decrease their use of petroleum products and shift their dependency towards domestically generated energy sources.

A version of this article appears in the print on August 4, 2022 of The Himalayan Times.