Price of Petroleum Products Will Not Be Adjusted: Nepal Oil Corporation

Nepal Oil Corporation has clarified that the price of petroleum products would not be adjusted because of due debt even after a slight decrease in the purchase price of petroleum products. 

Issuing a press release on Wednesday, the NOC shared that even though NOC has made some profit in petrol, kerosene and aviation fuel, the price of petroleum products would not be adjusted as it has to pay loans taken from the government of Nepal and dues to the Indian Oil Corporation. 

As per the new purchase price received from IOC on Monday, there is a profit of Rs 2.75 per litre in petrol, Rs 9.37 loss per litre in diesel and Rs 499.57 loss per cylinder of LP gas, said NOC's Joint Spokesperson, Puskar Karki.

The NOC is making a profit in the same kerosene and aviation fuel. The NOC projects that it will incur a loss of Rs 1.27 billion per month from the sale of petroleum products at the current price.

The state-owned NOC had earlier taken a loan of seven billion rupees from the government and three billion rupees from Rastriya Banijya Bank to pay to the IOC, to which it still owes Rs 23 billion.