Kathmandu, April 2: Nepal Oil Corporation (NOC), the state owned entity, has announced an increase in the prices of petroleum products, citing continued losses due to rising international market rates.
According to a press statement issued by the corporation, global petroleum prices have been steadily increasing due to ongoing international developments, making it difficult to adjust domestic prices under the automatic pricing system based on rates provided by Indian Oil Corporation.
The corporation stated that based on the latest purchase prices received on March 16 and March 31, it is incurring a loss of Rs 47.12 per litre on petrol and Rs 133.45 per litre on diesel/kerosene, and Rs. 416.37 on LPG cylinders. Despite the price adjustment, the fortnight loss is projected to reach around Rs 13.21 billion.
To partially offset these losses, the board of directors decided to increase fuel prices effective from 12:01 am on April 2.
Revised fuel prices
- Petrol: Increased by Rs 15 per litre (new rate — Rs. 202.00 per liter in Kathmandu)
- Diesel/Kerosene: Increased by Rs 15 per litre ( new rate — Rs. 182.00 per liter in Kathmandu)
Even after the adjustment, the corporation said it will continue to face losses—estimated at around Rs 11.71 billion per fortnight – due to the high international prices. #nepal #petro
