NOC lowers projected monthly loss to Rs 1.82b
KATHMANDU, MAY 17 -
Nepal Oil Corporation (NOC) has lowered its projected monthly loss from Rs 1.98 billion to Rs 1.82 billion. The revision was prompted by increased revenue following a hike in the price of aviation fuel and a fall in global oil prices.
According to NOC, the price of crude in the international market has dropped from US$ 134.86 per barrel to US$ 128.49 as per the revised prices of Indian Oil Corporation (IOC) issued on Monday. NOC’s sole supplier IOC revises petrol and diesel prices fortnightly while the prices of kerosene, aviation turbine fuel (ATF) and liquefied petroleum gas (LPG) are reviewed monthly.
Earlier, the state-owned oil monopoly’s estimated monthly loss stood at Rs 2.07 billion which dropped to Rs 1.98 after it jacked up the price of ATF from Rs 90 to Rs 100 per litre on May 8.
As per IOC’s new tariff published on May 16, NOC’s loss on diesel has come down from Rs 23.42 per litre to Rs 20.72. The retail price of diesel is Rs 68.50 per litre. However, the loss on petrol has increased from Rs 8.1 per litre to Rs 9.36. Petrol retails at Rs 97 per litre.
NOC’s losses on kerosene and LPG remain unchanged at Rs 13.61 per litre and Rs 322.06 per cylinder respectively. They could change after June 1 when IOC is due to issue its new price list. NOC’s only profit comes from ATF sales.
The state-owned company said that petrol was cheaper by Rs 12.60 per litre in Nepal compared to Raxaul across the border in India following its recent price hike. However, diesel costs Rs 3 more per litre in Nepal.
‘Fuel supplies adequate’
Perennially cash-strapped Nepal Oil Corporation (NOC) has claimed that there were adequate supplies of fuel in the market after the government arranged credit worth Rs 2 billion from the Employee Provident Fund (EPF) to pay its import bills. NOC deputy general manager Bachhu Kumar Kafle said the corporation issued 585 kl of petrol, 695 kl of diesel and 143 kl of kerosene on Sunday. Distribution on Monday amounted to 300 kl of petrol and 400 kl of diesel. “An increased amount of fuel has been supplied in the market after we received Rs 2 billion from the EPF on Thursday,” Kafle said. He added that NOC had become hopeful of being able to ensure a smooth supply of fuel as the price of crude oil had dropped in the international market.
Source: Kantipur
Nepal Oil Corporation (NOC) has lowered its projected monthly loss from Rs 1.98 billion to Rs 1.82 billion. The revision was prompted by increased revenue following a hike in the price of aviation fuel and a fall in global oil prices.
According to NOC, the price of crude in the international market has dropped from US$ 134.86 per barrel to US$ 128.49 as per the revised prices of Indian Oil Corporation (IOC) issued on Monday. NOC’s sole supplier IOC revises petrol and diesel prices fortnightly while the prices of kerosene, aviation turbine fuel (ATF) and liquefied petroleum gas (LPG) are reviewed monthly.
Earlier, the state-owned oil monopoly’s estimated monthly loss stood at Rs 2.07 billion which dropped to Rs 1.98 after it jacked up the price of ATF from Rs 90 to Rs 100 per litre on May 8.
As per IOC’s new tariff published on May 16, NOC’s loss on diesel has come down from Rs 23.42 per litre to Rs 20.72. The retail price of diesel is Rs 68.50 per litre. However, the loss on petrol has increased from Rs 8.1 per litre to Rs 9.36. Petrol retails at Rs 97 per litre.
NOC’s losses on kerosene and LPG remain unchanged at Rs 13.61 per litre and Rs 322.06 per cylinder respectively. They could change after June 1 when IOC is due to issue its new price list. NOC’s only profit comes from ATF sales.
The state-owned company said that petrol was cheaper by Rs 12.60 per litre in Nepal compared to Raxaul across the border in India following its recent price hike. However, diesel costs Rs 3 more per litre in Nepal.
‘Fuel supplies adequate’
Perennially cash-strapped Nepal Oil Corporation (NOC) has claimed that there were adequate supplies of fuel in the market after the government arranged credit worth Rs 2 billion from the Employee Provident Fund (EPF) to pay its import bills. NOC deputy general manager Bachhu Kumar Kafle said the corporation issued 585 kl of petrol, 695 kl of diesel and 143 kl of kerosene on Sunday. Distribution on Monday amounted to 300 kl of petrol and 400 kl of diesel. “An increased amount of fuel has been supplied in the market after we received Rs 2 billion from the EPF on Thursday,” Kafle said. He added that NOC had become hopeful of being able to ensure a smooth supply of fuel as the price of crude oil had dropped in the international market.
Source: Kantipur
