NOC's projected monthly loss drops to Rs 728 million

KATHMANDU, April 2:

NOC has projected its monthly loss will come down by Rs 727.8 million in April.

The state-owned petroleum monopoly had faced loss of Rs 1.22 billion in March.

The projected loss dropped significantly after Indian Oil Corporation (IOC), the sole supplier of petroleum products for Nepal, revised the price of petroleum products with effect from Tuesday.

IOC reviews the export price of petrol and diesel every fortnight. It reviews prices of LP Gas, Aviation Turbine Fuel (ATF) and kerosene every month on the basis of crude prices in international market and fluctuation in US dollar.

“The revised rate has come as a relief,” NOC Spokesperson Mukunda Ghimire told Republica. “IOC has reduced prices of some petroleum products in the new rates sent on Tuesday.”

As per the revised rate, NOC´s loss on diesel has come down to Rs 4.31 per liter from Rs 6.17 of last month. Similarly, profit on petrol and kerosene has increased to Rs 9.42 and Rs 11.24 liter, respectively. NOC will profit Rs 36.31 per liter on ATF, up from last month´s Rs 31 per liter.

According to Ghimire, NOC´s loss on LPG will drop by Rs 176 per cylinder to Rs 689.

Drop in crude prices and depreciation of US dollar vis-à-vis Indian currency are the major reasons behind drop in prices of petroleum products supplied by IOC, according to NOC officials.

Source: Republica