Price cut in petrol in India triggers pressure in Nepal

KATHMANDU, Dec 1:

With the price cut in petroleum products in India, state oil monopoly Nepal Oil Corporation has been under pressure to reduce the prices of petroleum products in Nepal.

According to Indian Oil Corporation (IOC), the price of petrol has gone down by IRs 96 paisa and diesel by IRs 93 paisa per liter, said Indian Oil Corporation.

With the price cut in the petroleum products in India, state oil monopoly Nepal Oil Corporation (NOC) has been under pressure to reduce the price.

This is the second time after the price in the petroleum was cut on November 1 in India. During the period the price of petrol had come down by IRs 2.41 while that of diesel by IRs 2.25 per liter.

NOC had reduced prices of petrol by Rs 2.50 and diesel and kerosene by Rs 2 on November 24 following the reduction in prices of petroleum products. IRs 100 is pegged at Rs 160 in the Nepali market.

Currently one liter of petrol costs Rs 125.50 while kerosene and diesel Rs 99.50 per liter in the Nepali market.

With fluctuation in exchange rate of US dollars, the prices of the petroleum products have been plummeting continuously, of late.

SOurce: Republica