NOC management took the decision on Thursday on the basis of new rates forwarded by
Indian Oil Corporation (IOC) on Wednesday. With the fresh revision in fuel price, petrol will cost Rs 109 per liter while diesel and kerosene will be retailed at Rs 86.5 per liter each. "
"We have reduced the price as per the automatic fuel pricing mechanism adopted six months befor"," Mukunda Ghimire, spokesperson of NOC, told Republica.
Though the mechanism allows NOC to revise fuel price every fortnight, NOC had not reduced price for the second half of March stating that change in price was not significant.
Crude oil price fell in the global market to a six-year low of $43 per barrel on March 16.
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