KATHMANDU, Feb, 2: The state-owned Nepal Oil Corporation (NOC) is currently facing a record-high loss with the rise in the price of petroleum products in the international market.
NOC’s estimated loss has not been leveled up despite price adjustment of petro products in the domestic market. ‘Continuous price hike of petroleum products in the global market and rise in the exchange rate of the US dollars have added a challenge to the NOC in reducing losses’, shared its spokesperson Binitmani Upadhyay.
It is also noted that the Indian Oil Corporation (IOC) has sent a new price list, effective from February 1. The petrol price has again increased in the interval of 15 days. According to the new price list, Rs 4.92 has been increased on per liter petrol while it is Rs 7.24 on per liter diesel, Rs 8.80 on per liter kerosene and Rs 7.48 on per liter air turbine fuel. However, Rs 81.62 has been reduced on the price of per cylinder LP Gas.
The state-owned oil monopoly has hiked the unit price of diesel, kerosene and petrol by Rs 3 per liter. With this decision in effect, the unit price of diesel and kerosene per liter has reached Rs 125 and petrol Rs 142 per liter.
This is so far the record-high price hike in petroleum products in Nepal. The price of LP gas has been set as it was. NOC has increased domestic air tribune fuel by Rs 10 per liter and fixed Rs 116 per liter.
Even after the hefty rise in petrol price, NOC is at a staggering loss of Rs 4.5 billion per month. Spokesperson Upadhyay said the NOC had faced a loss of around Rs 2.23 billion in 15 days following revision in the price.