KATHMANDU, May 2: Nepal Oil Corporation (NOC) on Monday received reduced rates of petroleum prices that it imports from Indian Oil Corporation (IOC).

According to the new rates it received on Monday, the IOC has slashed the price of petrol by Rs 4.33 per liter and diesel by Rs 4.11 per liter. The Indian petroleum supplier sends the revised price lists of the petroleum products on a fortnightly basis.

After a drop in fuel prices in the international market, the Indian oil supplier has slashed the price of petrol yet another time for the state-owned oil monopoly of Nepal. According to Reuters, the oil prices have dropped due to a slowdown in the economic growth of the USA, coupled with an increased exports of Russian petroleum products despite the country facing an EU embargo and oil price cap.

“On Wednesday, oil prices dropped almost four percent due to the US economic downturn,” reports the international media agency. In the new rate, the price of crude oil has dropped to as low as US $77 per barrel.

At the revised rates, the corporation is estimated to earn profits of Rs 1.5 billion in the next 15 days, according to NOC officials.  

Last time on April 4, the NOC reduced the price of diesel by Rs 10 per liter and that of petrol by Rs 3 per liter citing a decline in the import prices of the petroleum products. Most of the time, the NOC turns reluctant to reduce prices citing the outstanding dues it owes to the IOC and the government. 

 
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