NOC may hike petroleum prices any time as fuel prices have soared in int’l market

Published On: October 4, 2021 06:30 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Oct 4: Nepal Oil Corporation (NOC) has projected its fortnightly loss to stand over Rs 1.50 billion at the new price rates that the corporation received recently from the Indian Oil Corporation (IOC), NOC’s sole supplier of petroleum products.

According to NOC, the cost of petrol has reached Rs 139.18 per liter, diesel Rs 120.01 per liter, kerosene Rs 93.94 per liter, air turbine fuel (domestic) Rs 84.07 per liter, air turbine fuel (international) Rs 76.44 per liter and that of cooking gas has reached Rs 1,961.88 per cylinder.

Binit Mani Upadhyaya, spokesperson for NOC, said that in the revised prices, the corporation now faces a loss of Rs 9.18 per liter on petrol, Rs 7.01 per liter on diesel whereas the loss on cooking gas is Rs 511.88 per cylinder. The state-owned enterprise secures a profit of Rs 19.59 per liter on kerosene, Rs 1.93 per liter on air turbine fuel (domestic) and Rs 15.10 per liter on air turbine fuel (international).

The state-owned petroleum monopoly has hiked the petrol price alone by around Rs 23 per liter over the last year. Last time, the state-owned enterprise revised the fuel prices on August 23.

According to Upadhyaya, NOC is compelled to hike fuel prices mainly due to the soaring price of crude oil in the international market. The price of crude oil on Sunday hit US $ 79.28 per barrel, which is around three-folds the price a year ago, reports Bloomberg.


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