As the prices of both Petrol and Diesel have shot up over the last 16 days and touched all-time record high, the people of Bihar close to the Nepal border are buying the fuel from Nepal. On Tuesday (May 29) morning, petrol price was recorded at Rs 80.66 per litre while diesel was at Rs 72.97 a litre, whereas, in Nepal, the prices stood at Nepalese Rupees 67.81 and Nepalese Rupees 56.56 respectively.
What is icing on the cake is that 100 Rupees of Indian currency is equivalent to 160.15 Nepalese Rupee. This huge difference in cost per liter is said to be forcing the people of Bihar to get their vehicles refueled by crossing the boarded.
Particularly, the people of Raxaul and Sitamarhi villages in Bihar are refueling their vehicles on the other side of the boarder. The dwellers of Sitamarhi have much advantage as their place is just 30 to 40 kms away from Nepal. A few people from Sitamarhi are said to be buying cheap petrol and diesel in Nepal and selling it in India. An officer from Nepal Oil Corporation (NOC) confirmed 15-20 per cent increase in the sale of petrol in the last few days near the border of Nepal and Bihar. While NOC is enjoying the increase in profits, dip in sale of fuel on Indian side near Nepal border is reportedly incurring losses.
The irony is that India itself supplies petroleum products to Nepal. Each day, 250 tankers of oil are supplied to the neighboring country. Oil prices in India are soaring up due to several taxes being levied upon it by the centre and the states while Nepal has a single tax regime. Although officials and government is aware of the racket, they are helpless as the high taxes on fuel in India is forcing people to look out for the alternative ways.