Nepal’s biggest import item in terms of value is petroleum products.

In 2018-19 the country imported petroleum products worth Rs216 billion, up from Rs53.30 billion in 2009-10.

The sole importer and distributor of the commodity is the state-owned Nepal Oil Corporation. In the fiscal year 2018-19, the corporation made a net profit of Rs7.5 billion on oil imports. It paid Rs63.85 billion in taxes alone to the government.

The corporation’s profit has been gradually increasing since 2014 when the automatic pricing mechanism was introduced as per which the price of petroleum products in the country goes up or down based on international prices rather than the government fixing the prices as was the system earlier.

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