Petrol prices in Nepal witness a downward trend following IOC’s reduction

KATHMANDU: Nepal Oil Corporation (NOC) has announced that India has increased the price of diesel while simultaneously decreasing the price of petrol, according to the latest 15-day price update received by NOC on Saturday.

Diesel prices have surged by Rs 2.47 per liter, while petrol prices have seen a decline of 34 paisa per liter. Based on these new rates, NOC will assess whether consumer prices in Nepal will be adjusted upwards or downwards. The revised prices provided by the Indian Oil Corporation (IOC) have resulted in NOC making a profit of Rs 500 million over the past 15 days.

Following the receipt of the revised rates from IOC, NOC’s board of directors is scheduled to convene on Sunday to determine the new fuel prices in Nepal. This decision will subsequently impact fuel prices across the entire country.

The last adjustment in fuel prices by NOC occurred on July 2, setting petrol prices in the Kathmandu Valley at Rs 167.50 per liter, while diesel and kerosene were priced at Rs 147.50 per liter.

Moreover, the domestic aviation fuel is priced at Rs 136 per liter, whereas international aviation fuel stands at 1050 US dollars per kiloliter. Stay tuned for updates on the outcome of NOC’s board meeting and the forthcoming changes in fuel prices.