NOC slashes petroleum prices

KATHMANDU, Sept 1: Nepal Oil Corporation (NOC) on Tuesday revised downward prices of petroleum products effective from Wednesday.
Deepak Bohora, spokesperson of NOC, said price of petrol has come down by Rs 2.5 per liter, while diesel and kerosene have become cheaper by Rs 2 per liter each. Similarly, price of liquified petroleum (LP) gas has been reduced by Rs 35 per cylinder (14.2 kg).

Now consumers can buy petrol at Rs 104 per litre, whereas diesel and kerosene will cost Rs 82 per liter each and LP gas will cost Rs 1,400 per cylinder.
Bohora said the state-owned oil monopoly adjusted prices downward as per the the new price list it received on Tuesday from Indian Oil Corporation (IOC) — the sole supplier.
IOC sends the price list to NOC every 15 days — on the first and 15th of the Gregorian calendar.
After widespread criticism, NOC adopted automatic pricing system to adjust price of petroleum products according to the international price.
Consumers have been complaining that NOC has not been adjusting the prices as per the international price to reduce its losses.
Even after price reduction, NOC’s monthly profit will stand at Rs 870 million, said Bohora.
The technically bankrupt oil monopoly has also started booking profit after petroleum prices in the international  market started coming down.