KATHMANDU: 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.
NOC’s estimated loss has not been levelled up despite the price adjustment of petroleum at the domestic market. “Continuous price hike of petroleum products at global market and rise in the exchange rate of the US Dollars have added challenge to the NOC in reducing losses,” Spokesperson for NOC, Binitmani Upadhyay, shared.
It is also noted that the Indian Oil Corporation (IOC) has sent a new price list, effective from February 1. The petroleum price has again increased after15 days. On the new list, the price of Petrol has been increased by Rs 4.92 per litre, diesel by Rs 7.24, kerosene by Rs 8.80 and air tribune fuel by Rs 7.48 per litre. However, Rs 81.62 has been reduced on the price per cylinder of liquefied petroleum gas (LPG).
The state-owned oil monopoly has hiked the unit price of diesel, kerosene and petrol by Rs 3 per litre. With this decision in effect, the unit price of diesel and kerosene per litre has reached Rs 125 and petrol Rs 142 per litre.
This is so far the record-high price hike in petroleum products in Nepal. The price of LPG has been set as it was. NOC has increased domestic ATF by Rs 10 per litre and fixed at Rs 116 per litre.
Even after the hefty rise in petroleum price, NOC is at a staggering loss of Rs 4.5 billion per month. Spokesperson Upadhyay said the NOC had faced a loss of around Rs 2.23 billion in 15 days following revision in the price.
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Published Date: February 2, 2022, 12:00 am
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