First Business News Portal in English from Nepal
KATHMANDU: The government has decided to reduce infrastructure tax and custom duty on petroleum products by Rs 5 per liter each.
The Council of Ministers has directed the Ministry of Finance to implement the decision with immediate effect.
The Cabinet decided to reduce the increment made in the infrastructure tax and customs rates of petroleum products during the KP Sharma Oli government. Then Finance Minister Yuba Raj Khatiwada had increased infrastructure tax by Rs 5 per liter and customs rate by Rs 10.
According to sources, infrastructure tax has been reduced by Rs 5 per liter and customs duty by Rs 5 per liter. With this, the state-owned Nepal Oil Corporation (NOC) is likely to reduce price of petroleum products by at least Rs 10 per litre.
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