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NOC stated to not decrease fuel price


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2022 Aug 03, 19:44,
Nepal Oil Corporation Logo (File Photo)

Nepal Oil Corporation has made it clear that even though there has been a general decline in the purchase price of petroleum products, there will be no price adjustment due to the remaining debt obligations.

The corporation issued a statement today saying that although there is a normal profit in petrol, kerosene and jet fuel, there will be no price adjustment due to the debt taken from the government of Nepal and dues to the Indian Oil Corporation (IOC).

According to the new purchase price received from IOC on Monday, there is a profit of 2 rupees 78 paise per liter in petrol, 9 rupees 37 paisa per liter in diesel and a loss of 499 rupees 57 paise per cylinder in cooking LP gas, said Puskar Karki, the co-spokesperson of the corporation. Corporation already has profit in kerosene and aviation fuel.

The corporation is projected to incur a monthly loss of Rs. 1 billion 27 million from the sale of petroleum products. He said that due to the debt taken from the government, the arrears to be paid to the IOC and the loss of more than one billion per month, the selling price of petroleum products had to be kept as it is.

The corporation took a loan of Rs 7 billion from the government and Rs 3 billion from the National Commercial Bank after the amount to be paid to IOC for the purchase of petroleum products was insufficient. The corporation is yet to pay Rs 23 billion to the IOC.

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