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Economy

NOC imposes quota system for fuel supply

Gorkha Post

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KATHMANDU — NEpal Oil Corporation has imposed a quota system in fuel after halt in fuel supply across the country due to protest from petroleum transport workers.

The NOC has asked petrol pumps to distribute five liters to two wheelers , 15 liters  to four wheelers  and 50-100 liters  to public vehicles per day.

The Federation of Nepalese National Transport Entrepreneurs Association (FNNTEA) has been protesting against the new Criminal Code for the last three days arguing that the code is against them.

They have submitted 13-point demand to the government which, among others, calls for rollback of some provisions that proposes increment in punishment for drivers for death resulting from driver’s negligence.

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As per the new Criminal Code, drivers can be sentenced to a jail term of 3 to 10 years in case of death of people in road accidents. Earlier, it was 2 to 10 years. The new code has also mandated a fine of Rs30,000 to Rs100,000 in such cases.

Normally, NOC tends to store seven days fuel backup. However, the state owned oil monopoly said that its stock had depleted because fuel has been coming from Siliguri depot only.

NOC spokesperson Birendra Kumar Goit said supplies had been affected after tanker operators refused to transport fuel.

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Economy

Business community demands slash in interest rate

Pratigya Waiju

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BIRATNAGAR— The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) from the borrowers.

They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent for the trading firms.

At a programme jointly organised by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation for the labour force of 500,000 was not likely only from the industry and trade sectors.

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Stressing the need for slashing the interest rate, they also argued the central bank should realise the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.

Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.

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