NOC gets cabinet's green signal for POL price hike
The government has given green signal to cash-strapped Nepal Oil
Corporation (NOC) to increase the price of the petroleum products.
A meeting of the political committee of the Council of Ministers on Monday
decided to allow the NOC to hike the price to adjust it with the
international price.
POL prices in the international market have skyrocketed over the last few
months reaching the record high $139 per barrel last weekend.
However, the government has not pointed out the amount to be increased but
has authorised NOC to determine the market price. On Sunday, the cabinet
had discussed about increasing price of petrol by Rs 20 per liter from
current Rs 80 a liter.
The losses of NOC had crossed well over Rs 14 billion. The recent price
hike in India added further woes to the NOC losses.
The NOC board is like to announce the price hike later today, it is
learnt. nepalnews.com ia June 09 08
