November 1, 2017 09:03 PM NPT
By: Dilip Poudel
KATHMANDU, Nov 1: Nepal Oil Corporation (NOC) has increased the price of petrol, diesel and kerosene and liquefied petroleum gas (LPG) on Wednesday citing rise of price of the crude oil in the international market.
An NOC board meeting decided to increase Rs 2 per liter on petrol, Rs 1.50 diesel and kerosene and Rs 25 per cylinder in LPG with effect from Wednesday midnight.
After the increment, the price of petrol per liter is now Rs 100, diesel and kerosene is Rs 75.50 and LPG per cylinder Rs 25.
NOC Spokesperson Birendra Goit said that they hiked the price after the Indian Oil Corporation that supplies petroleum products to the NOC increased its rate. NOC, however, has not changed the price of aviation fuel.
“We had to adjust the prices of other products due to increment in prices in the international market.”
Even with the increment in the price of petroleum products, NOC will make profit of only Rs 19.70 million. According to the NOC, it bears Rs 115 million loss per month with the new rate.
NOC has adopted automatic pricing system to adjust price of petroleum products according to the international price.