Petroleum entrepreneurs put off their protest, agree to pick fuel from NOC depot from today

Published On: March 5, 2022 08:25 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, March 5: The agitating petroleum entrepreneurs, who stopped picking oli from depots against the decision of Nepal Oil Corporation(NOC) to suspend their commission, have postponed their protest programs. 

Stating that it is forced to incur a huge loss along with the rise in crude oil prices in the international market, the NOC had decided not to increase the commission amount received by petrol pumps on the basis of percentage.

There is a system to get a higher commission with the increase in fuel prices and a lower commission with a decrease in fuel prices. With the recent hike in petroleum products, the commission was estimated to increase by 15 to 20 paisa per liter. After the NOC’s board of directors decided to halt the increase of commission any further, the petroleum entrepreneurs did not pick up oil from the NOC’s fuel depot on Friday. 

According to Chairman Lilendra Pradhan of the Nepal Petroleum Dealers Association, the protest program will be conducted again if NOC does not solve the problem regarding commission within 15 days. He said that their protest program will be resumed if their demands are not addressed within 15 days.

The price of one liter of petrol has reached a record high of Rs 150 per liter inside the country. The NOC increased the prices of petrol, diesel, and kerosene by Rs 5 each effective from Thursday night. With the recent hike, the price of kerosene and diesel has reached Rs 133 per liter.

After Russia's invasion in Ukraine, the price of crude oil in the international market has set a new record and it has also affected Nepal. Brent crude oil was traded at $117 per barrel in the international market on Thursday.

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