Tuesday, 21st October 2014

Massive price hike in petroleum products


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Nepal Oil Corporation has increased the price of petrol by Rs. 10, diesel by Rs. 6 and kerosene by Rs. 6 per litre.

Nepal Oil Corporation has hiked the prices of petroleum products on Friday morning. NOC has increased the price of petrol by Rs. 10, diesel by Rs. 6 and kerosene by Rs. 6 per litre.

A meeting of the corporation’s board today morning made the decision.

“The corporation is reeling under loses,” said Sagar Satyal, officiating managing director of NOC. “It was necessary to increase the prices.”

The previous selling prices per litre was Rs.130 for petrol, Rs. 103 for diesel and Rs.103 for kerosene. At this rate, NOC was profiting Rs. 2.82 from petrol and Rs. 5.67 from kerosene. But was suffering a loss of Rs. 10.30 in diesel.

Now, petrol will sell for Rs. 140, diesel for Rs. 109 and kerosene for Rs. 109.

NOC suffers heaviest loss in LPG cylinders. At a selling price of Rs. 1470 per cylinder NOC bears a loss of Rs. 864.92. The corporation has implemented a rule of dual coloured LPG cylinders for households and commercial use and plans to differentiate the prices according to offset the loss.