NOC slashes fuel prices

NOC slashes fuel pricesKATHMANDU, Dec 2: Nepal Oil Corporation (NOC) has reduced price of petrol by Rs 2.5 per liter, and diesel and kerosene by Rs 2 per liter each effective from Tuesday midnight.

A meeting of Board of Directors of NOC took the decision to this effect on Tuesday.

With the fresh adjustment in prices, petrol will cost Rs 123 per liter, while diesel and kerosene will retail at Rs 97.5 per liter each.

The new adjustment was made as per the automatic pricing mechanism which NOC adopted in September. The mechanism allows NOC to revise fuel prices in line with the rates forwarded by its sole supplier Indian Oil Corporation (IOC).

“We have revised fuel prices based on the new rates sent to us by IOC,” Mukunda Ghimire, spokesperson of NOC, told Republica, adding “With the fresh adjustment in prices, our projected monthly profit has reached Rs 512.3 million.”

Ghimire also said NOC was preparing to adjust fuel prices as soon as it receives new rate from IOC.

NOC, however, has kept the price of LP Gas unchanged even though IOC has reduced its price by Rs 200 per cylinder (14.2 kg). The reduction in import price of LP Gas has reduced NOC´s loss on distribution of the popular cooking fuel to Rs 290.76 per cylinder.

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