News Article

NOC hikes fuel prices

By Republica

Published: October 30, 2021 11:50 AM

KATHMANDU, Oct 30: The Nepal Oil Corporation (NOC) has hiked the prices of petroleum products yet again. Issuing a press release on Friday, the NOC stated that it had not raised fuel prices since August 23, which has led the corporation to face a loss of Rs 2.22 billion in 15 days if the prices are not hiked.

Stating that the Indian Oil Corporation hiked the prices of fuel on September 1, September 16, and October 1 of 2021, following the rise of fuel prices in the international market, the NOC has increased the price of petrol and diesel by Rs 3 per liter. In order to minimize the loss, the operations committee of the NOC has hiked the fuel prices as per the automatic pricing mechanism, effective from early Saturday. With this, the price of one liter of petrol now stands at Rs 133, while the price of one liter of diesel is Rs 116.

Likewise, the price of aviation fuel for domestic airlines has been increased to Rs 96 per liter, while that for international airlines has been increased to USD 853 per kiloliter. Similarly, the price of LPG has been increased to Rs 1,500 per cylinder.

Furthermore, stating that the NOC will still bear a loss of Rs 338.9 million in petrol, Rs 898.6 million in diesel, and Rs 682.1 million in LPG cylinders every 15 days, despite the recent increment in fuel prices. The NOC announced that the prices of fuel are likely to increase in the future as the fuel prices are likely to increase in the international market on November 1.

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