NOC raises fuel prices to 'adjust to int'l market'

Kathmandu, Oct. 14 (RSS): Nepal Oil Corporation (NOC) has increased the price of petrol from Rs 40 to Rs 47 per litre, diesel from Rs 23 to 27/50 per litre, kerosene from Rs 13 to Rs 26 per litre and LPG from Rs 467 to Rs 550 per cylinder effective from Saturday midnight.

According to the press release of the NOC, arrangements have been made to provide three litres of kerosene per family at Rs 15/50 per litre every month through ration cards while making adjustments in the prices of petroleum products so that the common people are not affected by the hike in kerosene price.

NOC claims that it will suffer a loss of Rs 9/75 per litre while selling kerosene at Rs 15/50 per litre under the ration card.

The families needing more than three litres of kerosene can purchase any amount of kerosene at Rs 26 per litre, the press release states.

Earlier NOC had adjusted the prices of diesel and kerosene on the basis of the international price US $ 195 for a metric ton of diesel and US $ 225 for a metric ton of kerosene in Kartik 9, 2056 B.S.

The international price of diesel and kerosene has soared to US $ 350 and US $ 380 per metric ton respectively, according to NOC.

Likewise, the prices of petrol and LGP have also been affected as a result of the rise in the prices of these products in the international market, the NOC states.

NOC states that it had been forced to increase the prices of pol products in the local market as a result of the increase in the POL products in the international market despite the pressure put on the oil producing countries by the developed and under developed countries.

NOC states that it would have to suffer a loss of Rs 3500 million in the current fiscal year if adjustments were not made in the prices of POL products in line with the international market price.

NOC will still suffer a loss in the transactions of kerosene, diesel and LGP even after adjustment in prices of these products, the NOC press release states.

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