NOC hikes fuel price

KATHMANDU: Prices of petroleum products have increased effective today, according to Nepal Oil Corporation (NOC).

As per the new listing, petrol has shot up to Rs 170 per litre, hike of Rs 4. Likewise, the values of diesel and kerosene increased by Rs 2 each and now stand at Rs 158 per litre. Meanwhile, liquefied petroleum gas (LPG) is priced at Rs 1,910 per cylinder, a rise of Rs 15. However, ATF values remain unchanged.

NOC, the state-owned trading enterprise that imports, stores and distributes petroleum products, stated that prices have been updated as per the new rates received from Indian Oil Corporation (IOC). 

In the international markets, oil prices have surged due to concerns over Middle East supplies as mounting military actions in the Red Sea intensified. The US targeting numerous unmanned drones in Yemen has disrupted shipping routes and driven fears of delays in oil deliveries in Asian and European regions. After three successive months of bearish trends, supply disruption concerns proved key support for oil ending the month of January on a bullish note.