PM Dahal directs NOC to adjust petroleum prices

KATHMANDU: Prime Minister Pushpa Kamal Dahal has instructed Nepal Oil Corporation (NOC) to take steps for reducing the prices of petroleum products. According to the Prime Minister’s Secretariat, the head of the government directed making adjustments in the price of petroleum products commensurate with their international market price. At present, the prices of petroleum products have dropped in the global market. PM Dahal held a meeting with Toyam Raya, Secretary at the Ministry of Commerce and Supplies, at the Office of the Prime Minister and Council of Ministers (OPMCM) today and gave this instruction.  The Commerce Secretary is the Chairperson of NOC, the state-owned trading enterprise that imports, stores and distributes petroleum products. According to the NOC's latest details, the corporation is likely to gain a profit of Rs 990 million in 15 days. Despite a drop in the petro prices in the international market, the NOC is reluctant to adjust the prices citing a burden of previous losses though it has already switched to an automatic fuel pricing system. The NOC has said its debt obligation is worth Rs 18 billion. The PM’s direction follows the NOC's stand not to reduce the prices in spite of wider pressure for the same. By RSS READ ALSO:

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