The state-owned Nepal Oil Corporation NOC is facing a record-high loss of billions with the increase in the rate of petroleum products at international markets.
The Corporation’s projected loss has not improved despite price adjustment of petroleum products in the domestic market. NOC spokesperson Binitmani Upadhyay said that the constant rise in the price of petroleum products in the international arena and the hike in the exchange rate of the US Dollars have exacerbated the situation thereby leading to the NOC reducing losses’.
It is also learnt that the Indian Oil Corporation (IOC) has come up with a new price list, that came into effect from February 1. The petrol rate has again leveled up in the gap of a fortnight. As per the new price list, Rs 4.92 has been added to the current rate of per liter petrol whereas Rs 7.24 has been added on per liter price of diesel, Rs 8.80 on per liter kerosene, and Rs 7.48 on per liter air turbine fuel. Meanwhile, Rs 81.62 has been sliced down on the price of per cylinder cooking gas.
The Corporation has hiked the unit rate of diesel, kerosene, and petrol by Rs 3 per liter. With this decision in effect, the unit price of diesel and kerosene per liter has reached Rs 125 and petrol Rs 142 per liter.
This is so far the most hiked price in petroleum products in the country. The price of cooking gas has stayed the same as it was. The state-owned oil monopoly has increased domestic air turbine fuel by Rs 10 per liter and thereby declared the price per liter as Rs 116.
In Spite of the dramatic rise in the price list of petroleum products, NOC is at a monthly loss of Rs 4.5 billion. As per Spokesperson Upadhyay, the NOC has come across a loss of approximately Rs 2.23 billion in the last fortnight following the revision in the price.