Nepal Oil Corporation (NOC) requested Wednesday to economize the use of the precious petroleum products in the country.

The government-run NOC, the only petroleum supplier of the country, requested its consumers to economize the use of petroleum products after it continued to incur huge losses every month.

"The economized use of petroleum products will not only reduce the loss incurred by the NOC but also save the hard earned foreign currency in the country," NOC said in a press statement.

NOC has been in loss of about 10 million U.S. dollars every month as it has been selling the petroleum products at subsidized price.

"The NOC has reached to a state that it can no more carry out petroleum transaction as petroleum products price in Nepal has not been revised as per the increased price in the international market," the statement said.

The NOC has been facing problems to pay dues to the Indian Oil Corporation, the only supplier of petroleum products to NOC, as NOC could not generate funds to pay the dues.

Source: Xinhua