IOC slashes price of petrol for NOC

November 17, 2022 21:00 pm

KATHMANDU, Nov 17: Nepal Oil Corporation (NOC) on Wednesday received a new price list of petroleum products from the Indian Oil Corporation (IOC).

KATHMANDU, Nov 3: Citing its outstanding dues to the government and Indian Oil Corporation (IOC), Nepal Oil Corporation (NOC) has refused to reduce the prices of petroleum products.

KATHMANDU, Oct 22: Nepal Oil Corporation (NOC) has said the petroleum supply will not be disrupted during a week-long public holidays of upcoming Tihar and Chhath.

KATHMANDU, Oct 8: Nepal Oil Corporation (NOC) has projected a profit of Rs 1.60 billion per month after a successive fall in the crude oil prices in the international market.

KATHMANDU, Sept 16: Nepal Oil Corporation (NOC) has received new price lists with the reduced petroleum prices from Indian Oil Corporation (IOC) on Friday.

KATHMANDU, Sept 2: Nepal Oil Corporation (NOC) has said that it has to pay Rs 21 billion to the Indian Oil Corporation (IOC) for the purchase of petroleum products.

KATHMANDU, Sept 2: Nepal Oil Corporation (NOC) has increased the price of diesel and kerosene by Rs 6 per liter with effect from 12 midnight on Thursday.

KATHMANDU, August 20: Nepal Oil Corporation (NOC) has started construction of two storage tanks to stock petrol transported via cross-border pipeline system at its Amlekhgunj depot.

KATHMANDU, August 17: Throughout the last fiscal year, the consumers were forced to buy fuel by paying much higher prices. Nepal Oil Corporation (NOC), which has a monopoly in the petroleum business in Nepal, should have made profit by selling petroleum products at higher prices. But this is not the case. The accumulated loss of the NOC has reached Rs 50 billion by the end of the last fiscal year 2021/22

KATHMANDU, August 7: Nepal Oil Corporation (NOC) is going to build a fuel storage tank of 8.7 million liters (8,700 kiloliters) in Amlekhgunj. The corporation is going to build infrastructure including fuel storage with an investment of around Rs 3.15 billion.

As per the new fuel price lists received from the IOC in the past two weeks, petrol should have become cheaper by over Rs 32 and diesel by over Rs 29 per liter but the NOC has ignored the auto pricing system.

KATHMANDU, August 1: Petroleum transporters have called off the protest they scheduled to launch from Monday after receiving assurance from Nepal Oil Corporation (NOC) to fulfill their demand.

KATHMANDU, July 31: Minister for Industry, Commerce and Supplies Dilendra Prasad Badu has said the Nepal Oil Corporation (NOC) will not be privatized.

KATHMANDU, July 18: The government has decided to provide a loan of Rs 7 billion to Nepal Oil Corporation (NOC) to make the supply of petroleum products smooth.

KATHMANDU, July 17: The government is going to provide Rs 598.68 million as a subsidy through the Ministry of Industry, Commerce and Supply to Nepal Oil Corporation (NOC).

KATHMANDU, July 8: Several old cases are pending at the Supreme court (SC) - some for the past two decades - due to the ‘lack of time’ to hear these cases. One such case in point is the case involving former executive general manager of Nepal Oil Corporation, Yuvraj Sharma. After a series of hearings on the corruption case filed against Sharma, the SC ruled to announce the final verdict on the case. It’s already been two years since that SC decision, but the final verdict on the case hasn’t been announced. The SC ruled two years ago that Sharma had embezzled Rs 5.4 million, but the final verdict on the case is yet to be made.

KATHMANDU, July 4: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products again. NOC increased the price of petrol by Rs 9 per liter and diesel/ kerosene by Rs 2 per liter with effect from Monday midnight.

KATHMANDU, July 4: Nepal Oil Corporation (NOC) on Monday drew attention of the government for the possible disruption in petroleum supply citing shortage of funds to pay to the Indian oil supplier amid its soaring financial loss.

KATHMANDU, June 30: While the prices of petroleum products are rising in the international market, Nepal Oil Corporation (NOC) is bearing a loss of Rs 10 billion monthly. According to the employees' union, the main reason for such a loss is the government's intervention.

KATHMANDU, June 30: Nepali Congress (NC) leader Ram Chandra Poudel has criticized the government for making plans to hand over Nepal Oil Corporation (NOC) to private businessmen.

KATHMANDU, June 25: The government has announced to reduce the price of petroleum products by removing taxes levied on these products under various headings.

KATHMANDU, June 20: Rastriya Prajatantra Party (RPP) has demanded answers from the Nepal Oil Corporation (NOC) for the latest fuel price hike.

KATHMANDU, June 20: The government has massively increased prices of petroleum products effective from midnight Sunday.

KATHMANDU, June 17: The price of fuel has increased in the latest revised price list sent by the Indian Oil Corporation (IOC), the sole supplier of fuel to the Nepal Oil Corporation (NOC).

KATHMANDU, June 10: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products. The increment was made after the NOC failed to pay the regular installment to Indian Oil Corporation (IOC)-- the sole supplier of petroleum products.

KATHMANDU, June 2: The Indian Oil Corporation (IOC) that supplies petroleum products to Nepal has sent increased prices of petroleum products to Nepal as consumers continue to be hit hard by the rising prices. This comes barely a week after Nepal Oil Corporation (NOC) increased the prices of petroleum products in line with the price list sent by the IOC.

KATHMANDU, May 23: Nepal Oil Corporation (NOC) incurred a loss of Rs 47 billion in the last 10 months. The corporation reports that the loss has been caused by the persistent rise in the price of petroleum products in the international market.

KATHMANDU, May 22: The government has hiked the prices of LPG gas cylinder by Rs 200 each cylinder and petroleum products by Rs 10 per liter.

KATHMANDU, April 6: Nepal Oil Corporation (NOC) has increased the price of petroleum products.

KATHMANDU, April 3: Home Minister Balkrishna Khand, also the Acting Prime Minister, has directed the authorities concerned to immediately fix the problems surfaced recently in the supplies of petroleum products.

KATHMANDU, March 29: Nepal Oil Corporation (NOC) has proposed declaring a public holiday on Sunday. The corporation has written a letter to the government, proposing giving one more day off to reduce fuel consumption by reducing the use of public and government vehicles.

NOC increases fuel price

March 17, 2022 08:35 am

KATHMANDU, March 17: The Nepal Oil Corporation (NOC) has increased the price of petroleum products.

KATHMANDU, March 16: Nepal Oil Corporation (NOC) on Wednesday received a record high purchase price of petroleum products from the Indian Oil Corporation (IOC).

KATHMANDU, March 10: Three candidates have been shortlisted for the post of managing director of Nepal Oil Corporation (NOC).

KATHMANDU, March 10: The Industry and Commerce and Labor and Consumers Committee of the House of Representatives has directed the government to control the prices of petroleum products.

KATHMANDU, March 8: Nepal Oil Corporation (NOC) on Tuesday paid Rs 14.30 billion to the Indian oil supplier for the purchase of the petroleum products.

KATHMANDU, March 8: The government has decided to provide funds for the purchase of petroleum products to the Nepal Oil Corporation (NOC), which is in trouble after accumulated savings fell to zero due to a hike in the prices of petroleum products in the international market.

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.

KATHMANDU, March 4: Private sector petroleum entrepreneurs are agitated after the Nepal Oil Corporation (NOC) decided not to increase the commission for petrol pumps, following the increase in crude oil prices in the international market.

KATHMANDU, March 3: With the sharp rise in the prices of Brent crude oil in the international market as a result of Russia's invasion in Ukraine, the Nepal Oil Corporation (NOC) has decided to hike the prices of petrol and diesel by Rs 5 per liter.

KATHMANDU, Feb 20: Nepal Oil Corporation (NOC) has again increased the price of petroleum products.

KATHMANDU, Feb 11: Members of the National Youth Federation Nepal, and Central Youth Force Department staged a protest outside the Nepal Oil Corporation office at Teku on Friday.

KATHMANDU, Feb, 2: The state-owned Nepal Oil Corporation (NOC) is currently facing a record-high loss with the rise in the price of petroleum products in the international market.

Fuel prices hiked again

February 2, 2022 10:06 am

KATHMANDU, Feb 2: Nepal Oil Corporation (NOC) has increased the prices of petroleum products effective from Wednesday.

KATHMANDU, Jan 24: The Nepal Oil Corporation (NOC) has paid over Rs 13 billion to the Indian Oil Corporation (IOC) for the procurement of crude oil. The NOC, which states that it has no savings left,  had no other option but to ask the Nepal government for money to pay the IOC.

KATHMANDU, Jan 21: Various student unions have demanded the government to withdraw the price hike of petroleum products.

Prices of petroleum products hiked

January 20, 2022 09:32 am

KATHMANDU, Jan 20: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products.

KATHMANDU, Jan 4: Nepal Oil Corporation (NOC) has said that it is finding cash strapped every successive month as a result of accumulated loss due to surging prices of petroleum products in the international market.

KATHMANDU, Dec 18: The state-owned Nepal Oil Corporation (NOC) that has been incurring a huge loss since a few months ago due to increased prices of petroleum products in the international market has received some respite from its negative financial balance as prices of the fossil fuels have started declining.

KATHMANDU, OCT 18: Nepal Oil Corporation (NOC)’s projected loss of the next 15 days hits Rs 2.22 billion at the new price rates that the corporation received recently from the Indian Oil Corporation (IOC), which is NOC’s sole supplier of petroleum products.