NOC recommends govt to lift tax imposed on petroleum products, introduce odd-even rule for vehicles

KATHMANDU, March 29: At the time when the country has been largely hit by surge in the price of petroleum products as a result of the Russia-Ukraine crisis, the Nepal Oil Corporation (NOC) has recommended the government to lift tax imposed on petroleum products and introduce an odd-even rule for vehicles plying the roads. The corporation on Tuesday wrote to the Ministry of Industries, Commerce and Supplies and urged the government to support the NOC to manage the loss. “The government must lift the Custom Tax, Value Added Tax and Infrastructure Tax,” reads the letter of NOC. “Besides, the government should introduce an odd-even rule for vehicles to minimize the demand of petroleum products in the country.” If immediate and effective actions are not taken, the NOC will be bearing a loss of around Rs 10 billion per month, according to Binet Mani Upadhyay, spokesperson at NOC.