Nepal Oil Corporation (NOC) has reduced the price of diesel, petrol and kerosene by Rs 2 per liter effective from today noon.
The state-owned oil monopoly confirmed that after the decision to lower the price of the petroleum products, petrol will cost Rs 107 per liter in Kathmandu valley, while diesel and kerosene will cost for Rs 97 per liter each. “The decision to revise price downward has been taken after formal launch of the India-Nepal cross border petroleum pipeline from Motihari to Amlekhgunj,” the NOC said, adding that the prime ministers of Nepal and India jointly inaugurated the cross border petroleum pipeline today morning.
Jointly inaugurated by Prime Minister KP Sharma Oli from Kathmandu and Indian Prime Minister Narendra Modi from New Delhi through a remote control, the 69-kilometer petroleum pipeline has helped reduce the price of petroleum products as expected, the NOC said, adding that supply of fuel from the pipeline is estimated to save Rs 2 to Rs 5 per liter in transportation cost, apart from the guarantee of smooth supply and efficiency.
The first cross-border petroleum pipeline in South Asia can pump NOC, however, has also attributed the reduction in petroleum prices to downward revision in prices in the international market, savings from the supply of fuel through the newly inaugurated cross-border pipeline and fluctuation in foreign currency exchange.
NOC – issuing a press note today – said that the price has been revised according to its 'automated pricing mechanism' system. Under the mechanism, NOC revises the fuel prices in line with the fluctuation of prices of petroleum products in the international markets, based on the price it receives from its sole supplier Indian Oil Corporation (IOC).
The state-owned oil monopoly confirmed that after the decision to lower the price of the petroleum products, petrol will cost Rs 107 per liter in Kathmandu valley, while diesel and kerosene will cost for Rs 97 per liter each. “The decision to revise price downward has been taken after formal launch of the India-Nepal cross border petroleum pipeline from Motihari to Amlekhgunj,” the NOC said, adding that the prime ministers of Nepal and India jointly inaugurated the cross border petroleum pipeline today morning.
Jointly inaugurated by Prime Minister KP Sharma Oli from Kathmandu and Indian Prime Minister Narendra Modi from New Delhi through a remote control, the 69-kilometer petroleum pipeline has helped reduce the price of petroleum products as expected, the NOC said, adding that supply of fuel from the pipeline is estimated to save Rs 2 to Rs 5 per liter in transportation cost, apart from the guarantee of smooth supply and efficiency.
The first cross-border petroleum pipeline in South Asia can pump NOC, however, has also attributed the reduction in petroleum prices to downward revision in prices in the international market, savings from the supply of fuel through the newly inaugurated cross-border pipeline and fluctuation in foreign currency exchange.
NOC – issuing a press note today – said that the price has been revised according to its 'automated pricing mechanism' system. Under the mechanism, NOC revises the fuel prices in line with the fluctuation of prices of petroleum products in the international markets, based on the price it receives from its sole supplier Indian Oil Corporation (IOC).
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