NOC hikes petrol price by 10 per cent

The state-oil Monopoly has, finally, hiked the price of petrol by 10 per cent to Rs 9 to reduce its losses.
"The price of a litre of petraol has been hiked to Rs 97 per litre from Rs 88," said managing director of the Nepal Oil Corporation Digamber Jha.
The NOC has also hiked the duty-paid Air Turbine Fuel (ATF) to Rs 90 per litre from Rs 80 per litre for domestic airlines. "The international aviation fuel (bonded ATF) is increased by $130 to $1075 per 1,000 litres," he added.
"It has, however, not hiked the prices of cooking gas, diesel and kerosene prices," he said, adding that the NOC is compelled to hike the price of petrol as it has been incurring a huge loss after the price hike in the international market.
"After today's price adjustment, the NOC still will incur Rs 0.09 loss in a litre of petrol and Rs 14.27 in a litre of diesel," he said, adding that a litre of kerosene still incurs Rs 4.90 loss and a cylinder of cooking gas incurs Rs 254.84 loss.
However, the NOC makes Rs 15 per litre profit in the ATF.
After the upward price adjustment, the total loss of the state -oil monopoly has come down to Rs 1.14 billion from Rs 1.33 billion, Jha said, adding that the government has released Rs 600 million -- of the total loan amount of Rs 1.13 billion, it has promised.
Last year in 2010, the NOC had hiked the petroleum prices five times. On December 6, it had increased the per litre petrol price to Rs 88, diesel and kerosene price to Rs 68 and cooking gas Rs 1,325 per cylinder. Earlier, the NOC had hiked the price of cooking gas to Rs 1,250 on January 1, 2010 from Rs 1,125 per cylinder.
Despite enormous sources, electricity and renewal energy occupy only 1.80 per cent and 0.5 per cent in energy pie.
The country has imported Rs 53.25 billion worth petroleum products from India in the fiscal year 2009-10 that is 12.39 per cent higher than a fiscal ago.

Upward Price Adjustment
Date -- Petrol price revision
February 17, 2010 -- Rs 77.5
March 14, 2010 -- Rs 80
April 23, 2010 -- Rs 82
July 6, 2010 -- Rs 85
December 6, 2010 -- Rs 88
March 13, 2011 -- Rs 97