First Business News Portal in English from Nepal
The price of petrol, diesel and kerosene reached an all-time high in the country. The Nepal Oil Corporation (NOC) has fixed the price of petrol at Rs. 142 per litre and diesel and kerosene at Rs. 125 per litre each with effect from Tuesday midnight.
The NOC has increased the price of petrol, diesel and kerosene by Rs. 3 per litre each.
The Corporation has increased the price of aviation fuel for domestic flight by Rs. 10 per litre to Rs. 116 and international flight by USD 100 per kiloliter to USD 1,095, according to a press statement of NOC. The NOC has not adjusted the price of liquefied petroleum gas (LPG).
The NOC has revised the prices of petrol, diesel, kerosene and aviation fuel citing that the price of fuel has increased in the international market significantly. Fuel price was adjusted based on the new price structure received from the Indian Oil Corporation (IOC) on February 1, said Binitmani Upadhyay, spokesperson at the NOC.
Earlier on March 14, 2014, the price of petrol reached Rs. 140 per litre but had remained lower since then. But now, that record has been broken after eight years. Diesel and kerosene was priced at Rs. 109 per litre at that time. As per the latest price received from IOC on Tuesday, petrol price has been hiked by Rs. 4.92 per litre, diesel by Rs. 7.24 per litre, kerosene by Rs. 8.80 per litre and aviation fuel by Rs. 7.48 per litre.
“However, despite heavy losses, we have slightly increased the price of petrol, diesel, kerosene and aviation fuel,” Upadhyay said.
“This time the price of LPG has been cut by Rs. 81.62 per cylinder, the Corporation still has a loss of Rs. 560.9 per cylinder so we have kept the price unchanged,” he said.
“As the dollar is stronger in the international market the price of crude oil is also rising in the international market. This has increased the price of petroleum and NOC is compelled to increase the cost,” he said.
International crude oil prices rose steadily around to USD 90 a barrel, he said.
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