Import Ban on Petroleum Luxury Cars Have Led to Closing of Numerous Showrooms Across Nepal: Full News Here
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- personNabin Pradhan
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Petroleum Products Import Ban
As the price of petroleum products skyrocketed, the government has prepared to reduce consumption. Industry, Commerce and Supply Minister Dilendra Prasad Badu said that the petrol consumption of government agencies will be reduced by at least 20 percent. Speaking at the House of Representatives meeting, Minister Badu said that the consumption of petrol in government agencies is going to be reduced.
- The government had announced two days off in a week to reduce the consumption of petroleum. However, the decision has been withdrawn within a month after all-round opposition. He said that the government is doing its homework to increase the use of electricity as well as reduce the use of petroleum products.
- Although Nepal Oil Corporation has suggested 10 points including two days off in a week to reduce the consumption of petroleum products, the government has not taken any measures. The increase in the price of petroleum has increased the trade deficit and inflation has also increased.
58 Showrooms Closed due to Luxury Cars Import Ban
- The government announced a ban on the importation of luxury goods in April in light of the nation's declining foreign exchange reserves.
- The government initially declared the ban would last through the end of the fiscal year (mid-July). However, it was extended up until the end of August in mid-July.
- Then, the government further tightened the still-existing restrictions on mobile phones and motorcycles.
- Which has ultimately led to the closure of almost 58 Showrooms in Nepal.
Effects of Petroleum Product Ban in Nepal
The government has been charging unnatural taxes. The corporation buys petrol from Indian Oil Corporation for Rs 131 91 paise. The government collects Rs 65.61 from petrol, Rs 49.53 from diesel and Rs 13.95 from kerosene. Consumers have to buy petrol and diesel at high prices as the Corporation charges heavy charges on various heads including administrative.
Which is now estimated to decrease due to the ban.
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