Rising oil price in the international market is a serious cause of concern for South Asian countries. Nepal is suffering a lot from it as it cannot coup up with the rising oil price in the international market. Until now, Nepal Oil Corporation's (NOC) has total control over the sector. Only it can import and market petroleum products in the country. Now, Nepal government is opening up this sector and allowing private companies. People’s Daily Online reported:
“Ending Nepal Oil Corporation's ( NOC) monopoly over petroleum dealings, the government has passed a bill that will now allow private sectors to enter the hitherto one- manned show of petroleum business, a leading newspaper, The Himalayan Times daily, reported on Sunday.
According to the daily, the cabinet meeting on Friday made the decision to present a draft of the "Petroleum Products Dealings Act-2063 (2006)" before the House of Representatives (HoR) for approval.
If passed by the HoR, the act will allow private companies to import and distribute petro products inside Nepal.”
This is a good decision but the government must be careful that private companies act for the benefit of the people. Fuel is something that is vital for the third world countries. People need fuel and they need them at a reasonable price. So, if private companies can ensure that then it will become a good blessing for the people.
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