June 13, 2024, Thursday
Nepal 1:37:26 pm

Nepal spent Rs. 320 billion to import petroleum products

The Nepal Weekly
July 26, 2022

A large chunk of foreign currency has gone out of the country within a period of one year only to import petroleum products due to the increasing consumption and escalating price of petroleum in international market.     

Data released by the Department of Customs shows that Nepal imported petroleum products worth Rs 320 billion 327 million 465 thousand from India during the fiscal year 2021/22.     

The largest amount has been spent on importing diesel in the one-year period. Nepal spent over Rs 168 billion 233 million 200 thousand in diesel imports in the last fiscal year.     

Similarly, Rs 71 billion 388 million 288 thousand was spent on importing petrol, Rs 65 billion 550 million 900 thousand on import of LP Gas and Rs 15 billion 154 million 900 thousand on importing aviation fuel in the last fiscal year 2021/22.     

During the last one year, Nepal imported unprocessed soybean, palm and sunflower oil worth Rs 113 billion, mobiles and laptops worth Rs 52 billion, gold and silver worth Rs 48 billion and food grain worth more than Rs 73 billion during the last one year.     

Nepal exported refined soybean oil worth the highest amount during this period. Refined soybean oil worth Rs 48 billion120 million were exported during the time. Similarly, refined palm oil worth Rs 41 billion 640 million, synthetic yarn worth Rs 10 billion 140 million, woollen goods worth Rs 7 billion 710 million and ready-made garments worth Rs 5 billion 760 million were imported during the previous fiscal year.