NOC jacks up prices of petroleum products

The state oil monopoly today hiked the prices of petroleum products, except cooking gas.

The Nepal Oil Corporation (NOC) jacked up price of petrol by Rs 5 to Rs 130 per liter, informed the NOC that has claimed the price hike was necessary to  cope with the soaring cost of imports due to strengthening US dollar against Nepali rupee.

The NOC hiked Rs 3 in per litre diesel and kerosene making them cost Rs 103 per litre now.

Similarly, the aviation turbine fuel (ATF) will now cost Rs 137 per liter – dearer by Rs 7 – for domestic airlines. However, the price of liquefied petroleum gas (LPG) – popularly known as cooking gas – has not been revised.

Earlier, on August 10 also, the NOC had hiked the prices of petrol by Rs 2 and diesel and kerosene by Re 1 each.

The upward price revision will offset NOC’s loss to at least Rs 290 million per month, claimed the state oil monopoly that will still lose Rs 1.33 billion per month. The NOC will enjoy Rs 3 profit on a litre of petrol and Rs 28 on a litre of aviation fuel. But it will still incur a loss of Rs 11 on a litre of diesel.