In light of the increased price rates that the Nepal Oil Corporation (NOC) recently got from the Indian Oil Corporation (IOC), the corporation’s sole supplier of petroleum products, the Nepal Oil Corporation (NOC) has estimated that its fortnightly loss will exceed Rs 1.50 billion.
Fuel prices have reached Rs 139.18 per litre, diesel prices have reached Rs 120.01 per litre, kerosene prices have reached Rs 93.94 per litre, air turbine fuel (domestic) has reached Rs 84.07 per litre, air turbine fuel (international) has reached Rs 76.44 per litre, and cooking gas has reached Rs 1,961.88 per cylinder, according to the National Oil Corporation.
According to Binit Mani Upadhyaya, a spokesperson for the National Oil Corporation, the corporation will suffer a loss of Rs 9.18 per litre on petrol and Rs 7.01 per litre on diesel, while the loss on cooking gas will be Rs 511.88 per cylinder under the increased prices. Profits are made on kerosene sales of Rs 19.59 per gallon, domestic air turbine fuel sales of Rs 1.93 per gallon, and overseas sales of air turbine fuel sales of Rs 15.10 per gallon for the state-owned firm (international).
For example, the state-owned petroleum monopoly has increased the price of gasoline by approximately Rs 23 per litre in the last year. On August 23, the state-owned enterprise revised the fuel prices for the second time in a row.
According to Upadhyaya, the National Oil Corporation (NOC) is obligated to raise fuel prices primarily as a result of the rising price of crude oil on the international market. According to Bloomberg, the price of crude oil reached US $ 79.28 per barrel on Sunday, nearly three times the price a year earlier.