In this context, the market for petroleum products is so sensitive that fluctuations in the international market price may not take long to make a profit or loss in crores of rupees. Nepali private sector entrepreneurs are not in a position to take this risk.

SINGAPORE, Oct 18: Oil prices hit their highest in years on Monday as demand continues its recovery from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.

KATHMANDU, Oct 4: Nepal Oil Corporation (NOC) has projected its fortnightly loss to stand over Rs 1.50 billion at the new price rates that the corporation received recently from the Indian Oil Corporation (IOC), NOC’s sole supplier of petroleum products.

Oil Price Hike, Again!

August 29, 2021 17:25 pm

After the increase in consumption, the management cost per liter has to be reduced. What does the NOC do?  What is the function of the Price Stabilization Fund?  Why not use it?  Shouldn't the tax levied by the government be reduced in such a short time? Why charge more than the cost price?

SINGAPORE, March 5: Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.

TOKYO, Feb 15: Oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions.

TOKYO, Jan 18: Oil prices fell on Monday, extending losses that last week ended a rally driven by production cuts and strong Chinese demand, with the market’s recovery outlook being called into question as coronavirus infections rise.

TOKYO, Jan 6: Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed U.S. crude stockpiles were down last week.

Arab winter of discontent

November 5, 2019 00:30 am

BEIRUT – A new wave of revolts is shaking the Arab world, with Lebanon and Iraq now joining Sudan and Algeria. Recent mass protests in each country have mobilized millions of people from all walks of life, all of whom are angry over the deterioration of economic conditions, which is seen as being exacerbated by mismanagement and poor governance.

TOKYO/SINGAPORE, Aug 14: Oil prices fell on Wednesday on disappointing economic data from China and a rise in U.S. crude inventories, erasing some of the sharp gains in the previous session on signs of an easing in Sino-U.S. trade tensions.

Your daily dose of missed important news of the day

SINGAPORE, Feb 22: Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets.