First Business News Portal in English from Nepal
KATHMANDU: A large amount of Nepali currency has gone out of the country in a period of one year for the import of petroleum products. The cost of purchasing fuel has increased due to price hike and increase in consumption.
Data released by the Department of Customs shows that Nepal imported petroleum products worth Rs 320.32 billion from India in the last fiscal year (FY 2021/22).
The largest amount has been spent on importing diesel in the review year. Nepal spent over Rs 168.23 billion in diesel import in the last fiscal year.
Similarly, Rs 71.38 billion was spent on importing petrol, Rs 65.55 billion on import of cooking gas (LPG) and Rs 15.15 billion on import of aviation fuel in the review period.
Likewise, Nepal imported unprocessed soybean, palm and sunflower oil worth Rs 113 billion, mobiles phones and laptop 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 48.12 billion was exported from Nepal. Similarly, it exported refined palm oil worth Rs 41.64 billion, synthetic yarn worth Rs 10.14 billion, woolen goods worth Rs 7.71 billion and ready-made garments worth Rs 5.76 billion during the last fiscal year.
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