Published On: October 8, 2022 07:10 PM NPT By: Republica | @RepublicaNepal
KATHMANDU, Oct 8: Nepal Oil Corporation (NOC) has projected a profit of Rs 1.60 billion per month after a successive fall in the crude oil prices in the international market.
It is almost in the past one and a half years that the state-owned oil monopoly is estimated to make a profit. Over the period, the NOC had been struggling to maintain its financial health due to its rising costs amid soaring petroleum prices in the international market.
Last March, the oil price in the international market reached as high as US $ 125 per barrel, while it came down to USD 86 per barrel last week. According to the NOC, it now makes a profit of Rs 6.45 per liter in petrol and Rs 12 per liter in diesel at the new price rates sent by Indian Oil Corporation last week.
After facing the soaring costs, NOC had been importing petroleum products through loans from the government. The oil monopoly owes around Rs 40 billion to various government bodies.
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