Connect with us

Economy

Indian firm seeks 3 bn for Kathmandu-Tarai expressway

Gorkha Post

Published

on

KATHMANDU — Indian firm Infrastructure Leasing and Financial Services (IL&FS) has submitted a bill worth Rs3.17 billion spent for preparing a detailed project report (DPR) for the Kathmandu-Tarai Expressway in 2015.

The Indian consultant on Sunday, asked the Ministry of Physical Infrastructure and Transport to make payment for the costs incurred as the Nepal Army, the project developer refused to purchase the DPR, the Kathmandu Post reported.

According to report, Nepali Joint Secretary Ram Hari Pokhrel, said the letter from the Indian company has put us in a fix. He said they will have to go through the memorandum of understanding (MoU) signed with the Indian company.

ALSO READ :  Govt build Budhigandaki Hydro Project on its own : Energy Minister Pun

In July 2015, the Indian consortium had  submitted a report to the ministry regarding the construction of 76-km expressway connecting Kathmandu with the southern plains.

The then Sushil Koirala-led government was preparing to award the project to the Indian consortium. It was decided that an annual minimum revenue guarantee of Rs15 billion would be provided if the road toll failed to generate adequate profits.

The government had to scrap all the agreements reached because of this controversy and decided to construct it with domestic resources.

On May 4, 2017, the project’s responsibility was handed over to the army with the authority to purchase the DPR from the Indian company.

The Nepal Army, however, decided against purchasing the DPR saying that it was incomplete.

Continue Reading

Economy

NOC hikes fuel prices

Gorkha Post

Published

on

KATHMANDU — Nepal Oil Corporation has jacked up the prices of petrol, diesel, kerosene and aviation turbine fuel with effect from Monday.

The state-owned monopoly has decided to increase Rs 1 per litre in petrol while it has increased diesel and kerosene prices by Rs 2 a litre, respectively. Likewise, price of ATF has been raised by Rs 4.5 a litre.

ALSO READ :  FNCSI to host Job Fair in Biratnagar

Petrol will now cost Rs 111 per litre while diesel and kerosene will cost Rs 95 a litr and ATF will cost Rs 104.5 a litre.

The NOC, however, has not increased the price of Liquefied Petroleum Gas (LPG).

Even with this adjustment, NOC will still incur fortnightly loss of Rs 70 million, as per Birendra Goit, spokesperson for NOC.

Continue Reading

TOP PICKS