Stating that Indian Oil Corporation (IOC) -- the sole supplier of petroleum products to Nepal -- has made only slight changes in fuel prices for the second half of March, NOC said it decided not to adjust fuel prices until March 31.
The state-owned petroleum monopolies had increased the price of petrol, diesel and kerosene by Re 1 per liter each on March 6. This is the second time since September, 2014, when NOC adopted automatic pricing mechanism, that price has been kept unchanged. As per the mechanism, NOC revises fuel price based on new rates forwarded by IOC on 1st and 15th of every month.
Crude oil prices had plunged to a six-year low of US$ 43.88 per barrel in the international market last Monday.
"The mechanism allows us to adjust fuel price twice a month as per the rate forwarded by IOC. We have kept the price unchanged this time as price has changed by only around 20 paisa per liter," Mukunda Ghimire, spokesperson of NOC, told Republica.
Petrol is available at Rs 110 per liter, while diesel and kerosene cost Rs 87.5 per liter each.
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