NOC projected monthly losses drop to Rs 583m
KATHMANDU, AUG 17 -
Nepal Oil Corporation’s (NOC) projected monthly losses have come down to Rs 583.8 million from Rs 714.5 million, according to a new price list sent by Indian Oil Corporation (IOC) on Tuesday.
NOC’s projected monthly losses of Rs 2.07 billion dropped to Rs 1.98 after it jacked up the price of aviation turbine fuel (ATF) from Rs 90 to Rs 100 per litre on May 8. The price of crude in the international market had reached US$ 134.86 per barrel in May.
The state-owned oil monopoly said that it would be incurring losses of Rs 9.23 and Rs 0.87 per litre on diesel and kerosene respectively after the revised prices.
Losses on diesel have come down from Rs 11.22 per litre while losses on kerosene have remained unchanged. NOC’s sole supplier IOC revises its petrol and diesel prices fortnightly while prices of kerosene, ATF and liquefied petroleum gas (LPG) are reviewed monthly.
NOC said that the revision had been prompted by reduced vdemand for diesel following a hike in the price of aviation fuel and a fall in global oil prices.
“A cut in diesel imports to 55,000 kl from a high of 68,000 kl has also contributed to narrowing NOC’s monthly losses,” said Mukunda Dhungel, spokesperson of NOC. As per IOC’s new tariff published on Aug 16, NOC will be making a profit of Rs 2.94 per litre of petrol and Rs 20.97 per litre of ATF sold to domestic airlines and Rs 21.04 per litre sold to international carriers. The monthly import of petrol and ATF is 16,000 kl and 8,000 kl respectively. NOC’s losses on LPG remain unchanged at Rs 260 per cylinder.
Dhungel said that NOC imports refined petroleum products from IOC. Based on the international market price, IOC’s new rate for petrol is US$ 121 per barrel and US$ 124 per barrel for diesel.
Source: Kantipur
Nepal Oil Corporation’s (NOC) projected monthly losses have come down to Rs 583.8 million from Rs 714.5 million, according to a new price list sent by Indian Oil Corporation (IOC) on Tuesday.
NOC’s projected monthly losses of Rs 2.07 billion dropped to Rs 1.98 after it jacked up the price of aviation turbine fuel (ATF) from Rs 90 to Rs 100 per litre on May 8. The price of crude in the international market had reached US$ 134.86 per barrel in May.
The state-owned oil monopoly said that it would be incurring losses of Rs 9.23 and Rs 0.87 per litre on diesel and kerosene respectively after the revised prices.
Losses on diesel have come down from Rs 11.22 per litre while losses on kerosene have remained unchanged. NOC’s sole supplier IOC revises its petrol and diesel prices fortnightly while prices of kerosene, ATF and liquefied petroleum gas (LPG) are reviewed monthly.
NOC said that the revision had been prompted by reduced vdemand for diesel following a hike in the price of aviation fuel and a fall in global oil prices.
“A cut in diesel imports to 55,000 kl from a high of 68,000 kl has also contributed to narrowing NOC’s monthly losses,” said Mukunda Dhungel, spokesperson of NOC. As per IOC’s new tariff published on Aug 16, NOC will be making a profit of Rs 2.94 per litre of petrol and Rs 20.97 per litre of ATF sold to domestic airlines and Rs 21.04 per litre sold to international carriers. The monthly import of petrol and ATF is 16,000 kl and 8,000 kl respectively. NOC’s losses on LPG remain unchanged at Rs 260 per cylinder.
Dhungel said that NOC imports refined petroleum products from IOC. Based on the international market price, IOC’s new rate for petrol is US$ 121 per barrel and US$ 124 per barrel for diesel.
Source: Kantipur
