Nepal Oil Corporation hikes prices of petroleum products Business 360

Nepal Oil Corporation hikes fuel prices

A view of Nepal Oil Corporation Limited Central Office in Babarmahal, Kathmandu, on January 4, 2017. Photo courtesy: Suresh Chaudhary

KATHMANDU: The state-owned Nepal Oil Corporation (NOC) has increased the price of diesel, kerosene and petrol by Rs 3 per litre, ATF (Domestic) by Rs 5 per litre and ATF (International) by $100 per kilolitre with effect from midnight today.

The corporation, which has incurred huge losses from the petroleum products business, has increased the prices of diesel, petrol, kerosene and aviation fuel to adjust the prices it has purchased from the Indian Oil Corporation (IOC).

With the price hike, the price of diesel and kerosene has gone up to Rs 122 per litre, petrol to Rs 139, ATF (domestic) to Rs 106 per litre and ATF (international) to $995 per kilolitre. The corporation has stated that the price of liquefied petroleum gas (LPG) has been kept unchanged despite the huge loss.

Despite the increase in the price of petroleum, the corporation still incurs a loss of Rs 1.88 billion in 15 days, said NOC Spokesperson Binitmani Upadhyaya. NOC still has a loss of Rs 10.72 per litre on petrol, Rs 6.33 per litre on diesel and Rs 646.16 per LPG cylinder. Likewise, the corporation has a profit of Rs 9.63 per litre on sales of ATF (Domestic), Rs 29.3 per litre on ATF (International) and Rs 22.64 per litre on kerosene.

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