Nepal Oil Corporation (NOC) increased the price of kerosene and diesel -- both -- by one rupee per liter making them Rs 59 per litre in the Valley. But the price in the Tarai districts will be Rs 57.70 per litre.
"The price hike will come into effective from Thursday," said the sole petroleum importer.
The NOC board meeting on Wednesday late night has decided to increase the price as it has been incurring losses in both diesel and kerosene that is the poor men's fuel.
The state-owned petroleum importer will -- after the price hike -- profit Rs 20 million in a month. Earlier, it has been losing Rs 37.5 million per month, it said.
NOC has been adjusting the prices of the petroleum products every month as last year the prices started fluctuating pushing the state-owned corporation into red.
Earlier, it had increased the price of kerosene and diesel by Rs 3 per litre on November 17. Then, both kerosene and diesel prices were hiked to Rs 58 per litre. The NOC used to make a profit of Rs 4 in a litre of kerosene after the hike, while, it incurred a loss of Rs 2.50 in a litre of diesel.
The NOC had started making profit when the downward revision of prices started in October 2008, which continued till March. But the rise in the prices of petroleum products in the international market had again hit it to bring down to knees.
Every month - on 16th as per the Roman calendar - the NOC receives a new price list for petrol, diesel from the IOC -- its sole supplier. However, on the first of every month, it receives the new price list for petrol, diesel, kerosene, Air turbine Fuel (ATF) and cooking gas.
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