Import of Petroleum Products Declines

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Import of Petroleum Products Declines

November 24: The import of diesel, petrol and cooking gas (LPG) has declined in the first four months of the current fiscal year compared to the corresponding period of last year, according to the data released by the Department of Customs.

In the past, petroleum products used to top the list of imported goods but fuel imports.

Although the amount of petroleum product imported into the country has decreased due to the sharp increase in the price of crude oil in the international market and the devaluation of the Nepalese currency, the amount money flowing out of the country has increased.

Last year, Rs 34.34 billion was spent on imports of diesel, which decreased to Rs 44.28 billion this year. This year, diesel is the most imported commodity from mid-September to mid-November although the quantity of imports decreased by 26.63 percent.

Meanwhile, the country imported petrol worth Rs 23.69 billion in the review period. Last year, only Rs 18.66 billion was spent on petrol imports. Similarly, LP gas worth Rs 19.64 billion was imported this year against imports worth Rs 17.43 billion last year.

By mid-October this year, palmolin exports worth Rs 5.54 billion topped the list of exported items from Nepal. Similarly, soybean oil worth Rs 5.32 billion and refined palm oil worth Rs 3.38 billion were exported in the review period, according to the data released by the department.




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