header
                        banner
ECONOMY

NOC estimates its monthly loss at Rs 4.44 billion due to soaring oil prices in int’l market

KATHMANDU, OCT 18: Nepal Oil Corporation (NOC)’s projected loss of the next 15 days hits Rs 2.22 billion at the new...
By Republica

KATHMANDU, OCT 18: Nepal Oil Corporation (NOC)’s projected loss of the next 15 days hits Rs 2.22 billion at the new price rates that the corporation received recently from the Indian Oil Corporation (IOC), which is NOC’s sole supplier of petroleum products.


According to NOC, the estimated monthly loss worth Rs 4.44 billion will be the record high loss in the history of the state owned oil monopoly.  “If an appropriate measure is not taken on time, it will severely affect the supply of petroleum products in the domestic market,” said NOC Spokesperson Binit Mani Upadhyaya.


Related story

NOC projects monthly profits at Rs 1.60 billion due to fall in...


The NOC’s hefty loss has appeared mainly due to the escalating price of the crude oil in the international market along with the sharp depreciation of Nepali currency against the US dollar. As per media, the price of Brent Crude oil stands at $ 84.86 per barrel on Sunday. Currently, the exchange rate of US dollar is Rs 120.72 per dollar, shows the record of Nepal Rastra Bank.  


According to Upadhyaya, in the revised prices, the corporation now faces a loss of Rs 15.01 per liter on petrol, Rs 14.16 per liter on diesel, Rs 4.56 per liter on air turbine fuel (domestic). The loss on cooking gas is Rs 511 per cylinder.


 

Related Stories
ECONOMY

NOC incurs monthly loss of Rs 10 billion

1 min read
ECONOMY

NOC may hike petroleum prices any time as fuel pri...

1 min read
ECONOMY

NOC is still at a Rs 50 billion loss.  Who is then...

1 min read
ECONOMY

NOC gets some respite as fuel prices fall down in...

1 min read
ECONOMY

NOC hikes fuel prices

1 min read