NOC loses Rs 5 billion in 15 days

Kathmandu. Nepal Oil Corporation (NOC) has incurred a loss of Rs 5 billion in the last 15 days. According to a press release issued by the corporation, this situation has arisen due to the problem in the supply of petroleum products in the international market due to the war in the Middle East and the continuous increase in the price of petroleum products.

The corporation has said that it has to buy fuel at a higher rate due to the skyrocketing price of crude oil due to the ongoing conflict. However, the corporation has suffered a huge loss as it could not adjust the price according to the automatic price system.

Spokesperson of the NOC, Manoj Kumar Thakur, said that the impact of the continuous increase in the price of petroleum products in the international market could further increase the loss in the coming days. According to him, the corporation currently has Rs 19 billion in its price stabilization fund. The corporation, which has been making up for the loss of price increase from this fund, will not be able to sustain it for long.

According to the NOC, there is still a loss in the prices of petrol, diesel and LP gas in the current price structure. However, keeping in mind the interest of consumers, the retail price of these fuels has been kept unchanged.

Meanwhile, the NOC has adjusted the price of aviation fuel. The meeting of the board of directors of the NOC has increased the domestic aviation fuel by Rs 124 per liter from Rs 127 to Rs 251.

Similarly, the price of aviation fuel has been increased by ¥ 819 per kiloliter for Kathmandu and Pokhara and Bhairahawa by ¥ 1785.

The corporation has also warned that if the price continues to increase in the international market, there will be more economic pressure in the coming days. Stating that the fuel supply system is smooth and there is sufficient stock across the country, the NOC has urged consumers to adopt austerity in the use of fuel.

The Government of India has also increased the price of commercial LPG cylinders. The closure of the Hormuz border and attacks on oil facilities in the Gulf region have pushed up the price of crude oil in the international market, which has affected India and the world.

In Delhi, the price of 19 kg commercial LPG cylinder has increased by Rs 195.50 to Rs 2,078. Similarly, the price of 5 kg FTL cylinder has been increased by Rs 51 to Rs 549. In Kolkata, the price of 19 kg cylinder has increased by Rs 218. However, the price of a 14.2 kg LPG cylinder used for domestic use has remained unchanged at Rs 913.

Meanwhile, the price of aviation fuel (ATF) has also been increased. In Delhi, its price has reached Rs 2,07,341.22 per kiloliter, while other metros have also seen a significant increase. The price of ATF, which is used for international flights, has also more than doubled. The government, on the other hand, has said that the supply of fuel is easy across the country and sufficient storage is available.