KATHMANDU, Nov 17: Nepal Oil Corporation (NOC) on Wednesday received a new price list of petroleum products from the Indian Oil Corporation (IOC).
After a drop in fuel prices in the international market, the Indian oil supplier has slashed the price of petrol yet another time for the state-owned oil monopoly of Nepal. According to Reuters, the oil prices have dropped due to a decline in price of the US dollar and a drop in demand due to surging coronavirus cases in China.
“The dollar index fell four percent last week, marking its biggest weekly drop since March 2020. In addition, the rising numbers of COVID-19 cases has weakened the demand in China, the world’s largest crude oil importer,” reports the media agency.
According to the NOC, the Indian oil supplier has reduced the price of petrol by Rs 3.34 per liter. However, diesel has been expensive by Rs 1.25 per liter.
In the revised rate, the state-oil monopoly earns profits of Rs 10.76 per liter in petrol, while it faces loss of Rs 10.86 a liter in diesel.