NOC incurs loss of Rs 1.91 billion in 15 days

KATHMANDU: Nepal Oil Corporation (NOC) has decided to keep the retail selling price of petroleum products unchanged. The Indian Oil Corporation (IOC) has decided not to increase the consumer price for the time being.

According to a press release issued by the NOC, the price of petrol has been increased by Rs 12.40 per liter and diesel by Rs 4.68 per liter in the new purchase price.

However, considering the difficult situation arising out of the devastating floods in the Bhotekoshi River, the NOC Board of Directors has decided to retain the existing retail price effective from September 14.

According to the corporation, it is estimated that there will be a loss of around Rs 1.91 billion in the next 15 days due to lack of automatic price adjustment despite the increasing price in the international market.

Though the NOC has been adjusting the price on the basis of fluctuations in the international market before this, it has decided not to increase the price this time in view of the situation after the disaster.