KATHMANDU, Sept 6: Nepal Oil Corporation (NOC) has increased the prices of petroleum products on Wednesday. This is the fourth price hike after KP Sharma Oli was sworn in as the country’s prime minister in Feb 2018. Now petrol is dearer by Re 1, kerosene and diesel by Rs. 3 in every liter.
Likewise, Liquefied Petroleum Gas (LPG) has been increased by Rs 25 per cylinder. Now petrol costs Rs 112 per liter, diesel and kerosene Rs 98 per liter, LPG Rs 1400 per cylinder. NOC said that it hiked the prices after Indian Oil Corporation raised petroleum prices.
As per the latest fuel price of Indian Oil Corporation, NOC is incurring a monthly loss of almost Rs 800 million in LPG (Rs 332 per cylinder). However, NOC’s projected monthly loss as per the new price rate is almost Rs 640 million, as the corporation has been booking Rs 18.11 per liter profit in kerosene, Rs 51.63 per liter in ATF (foreign airlines) and Rs 14.88 per liter in ATF (domestic airlines).
NOC fully rely on India for the petro-products and IOC mostly depends on the price of Crude in the International Markets.