A board meeting of Nepal Oil Corporation (NOC) held on Monday evening decided to reduce price of petrol by Rs 5 and diesel and kerosene by Rs 6 per liter each. It has left price of cooking gas unchanged.
With the price adjustment, petrol will now cost Rs 99 per liter, while diesel and kerosene will be retailed at Rs 75 per liter each.
Despite significant fall in price of crude oil in the international market in recent months, the state oil monopoly had not adjusted prices in the domestic market citing shortage of fuel due to Indian blockade and Tarai-Madhesh unrest.
Brent crude oil fell to a 12-year lows of US$ 27.67 before rallying to $29.28 in the international market on Monday, accordign to Reuters.
As per this rate, petrol should have been available at Rs 80 per liter in Nepal.
This is the first adjustment in petroleum prices in four months even though NOC has adopted the policy of adjusting prices of petroleum products every fortnight in line with the price rate forwarded by Indian Oil Corporation.
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