NOC losses reach 4.5 billion

Nepal Oil Corporation (NOC) records a high loss with the rise in the price of petroleum products in the international market.

NOC’s loss has not been leveled up despite the price adjustment of the products at the domestic market. ‘Continuous price hike of petroleum products at global market and rise in the exchange rate of the US Dollars have added challenge to the NOC in reducing losses’, shared spokesperson Binitmani Upadhyay.

It is also noted that the Indian Oil Corporation (IOC) has sent a new price list. According to it, Rs 4.92 has been increased on per liter petrol while it is Rs 7.24 on per liter diesel, Rs 8.80 on per liter kerosene, and Rs 7.48 on per liter air tribune fuel. However, Rs 81.62 has been reduced on the price of per cylinder LP Gas.

NOC has hiked the unit price of diesel, kerosene, and petrol by Rs 3 per liter. With this decision, the price of diesel and kerosene per liter has reached Rs 125 and petrol Rs 142 per liter.

Even after the hefty rise in the prices, NOC is still at a loss of Rs 4.5 billion per month. Spokesperson Upadhyay said the NOC had faced a loss of around Rs 2.23 billion in 15 days following the price hike last time.