May 10, 2007

BBC NEWS | South Asia | Nepal hit hard by India oil cuts

BBC NEWS | South Asia | Nepal hit hard by India oil cuts: "Parts of Nepal are experiencing fuel shortages after a state-run Indian energy company cut oil supplies to the country by 40% last week.

There have been scenes of panic as car drivers queue for petrol in Kathmandu.

The Indian Oil Corporation (IOC) supplies all of land-locked Nepal's oil. It reduced supplies because of unpaid debts.

The state-run Nepal Oil Corporation (NOC) says it cannot pay the $90m it owes the IOC.

Many petrol stations in the kingdom are now reported to have run out of fuel.

A spokesman for NOC said it would soon run out of reserves."