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Economy

NOC imposes quota system for fuel supply

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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

NEPSE stabilises

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KATHMANDU- The Nepal Stock Exchange (Nepse) index has stabilised to some extent as compared to the first trading day on Sunday when it suffered a sharp dip.

The NEPSE index increased 0.9 points to close at 1131.73. Likewise, the sensitive index, which measures the performance of group ‘A’ stocks has also risen 0.06 points.

Over 2 million shares of a total of 156 companies were traded at more than Rs 637 million. Of the total 11 subgroups, four made gains, and the rest seven declined.

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Development bank surged 4.7 points, while non-life insurance 92.1 points, life-insurance 13.57 points and others 0.43 points.

But, banking dipped 0.27 points, while trade 1.18 points, hotel 2.04 points, hydropower 2.17 points, finance 1.82 points, production 9.21 points and microfinance 8.31 points.

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