The country spent around Rs. 216.42 billion to import fuel in the fiscal year 2018/19.
Fuel import in terms of cash surged by 25.2 per cent last fiscal year compared to same period the previous fiscal year. The country imported fuel worth Rs. 172.88 billion in the fiscal year 2017/18.
The share of fuel in total import trade stood at 15.26 per cent last fiscal year.
According to Birendra Goit, spokesman at Nepal Oil Corporation (NOC)” Import of fuel in terms of cash increased significantly due to the rise in the prices of petroleum products in the international market”.
Accelerating the development works, including reconstruction and business activities are contributing to the increase in fuel import for the last couple of years, he said.
In terms of quantity, import of fuel increased by 10 per cent last fiscal year against 18 per cent the previous fiscal year he added.
Petrol import went up by 16 per cent to 566,429 KL worth Rs. 33.6 billion and diesel by 8 per cent to 1,714,133 KL worth Rs. 111.47 billion during the review period.
Last fiscal year, the country had imported 24,932 KL kerosene worth Rs. 15.93 billion and 200,108 KL aviation turbine fuel worth Rs. 12.8 billion that was 12 per cent higher compared to the previous fiscal year.
The import of aviation turbine has increased slightly by one per cent last fiscal year compared to the previous fiscal year.
The country imported 429,608 tonnes of Liquefied Petroleum Gas (LPG) worth Rs. 32.92 billion during the last fiscal year which was 16 per cent higher than same period the previous fiscal year.
The growth rate in the import of diesel has slightly decreased last fiscal year due to improvement in the supply of electricity in the country, he said, adding that the import of fuel especially diesel and petrol could decreased if the use of electric vehicles was encouraged.
Stating that the country was spending a huge amount for the import of cooking gas, he said that the import of cooking gas could be reduced if regular supply of power was ensured and the people were encouraged to use electric stoves for cooking.