KATHMANDU, June 2: The Indian Oil Corporation (IOC) that supplies petroleum products to Nepal has sent increased prices of petroleum products to Nepal as consumers continue to be hit hard by the rising prices. This comes barely a week after Nepal Oil Corporation (NOC) increased the prices of petroleum products in line with the price list sent by the IOC.
The prices of petroleum products have been increased as per the price received from IOC on June 1. According to the NOC, petrol has gone up by Rs 8.21 per liter and kerosene by Rs 6.98 per liter. However, the price of diesel has come down by Rs 7.4 per liter.
According to the new price, the NOC has a loss of Rs 22.93 per liter on petrol and Rs 19.73 per liter on diesel. The cost of petrol is Rs 202.93 per liter and that of diesel is Rs 182.73 per liter. At present, the NOC is selling petrol at Rs 180 per liter and diesel at Rs 163 per liter.
The IOC sends a revised price every 15 days. Nepal Oil Corporation determines the price based on the price received from IOC.
Joint spokesperson at NOC Pushkar Karki said that the NOC will have to incur a loss of Rs 3.7 billion in 15 days despite the increase in petrol and kerosene prices and reduction in diesel prices. Even though the price of gas has come down by Rs 122 per cylinder, the NOC stated that there is a loss of Rs 751 per cylinder.