KATHMANDU, Oct 1: The Nepal Oil Corporation (NOC) has rescinded its recent hike in petroleum product prices. NOC announced that the previous pricing structure will be reinstated starting tonight.
This decision follows a directive from Prime Minister Pushpa Kamal Dahal on Sunday, instructing NOC to revert to the previous prices.
Consequently, NOC has rolled back the price increase by utilizing funds from the price stabilization fund and the contribution received from the Government of Nepal. This adjustment ensures that the automatic pricing system remains unaltered and will come into effect at 12 PM today.