Petrol, Diesel Get Dearer; Prices Increased By Rs 3 Per Litre

Nepal Oil Corporation (NOC) has increased the price of petroleum products again. The NOC has increased the price of petrol, diesel and kerosene by Rs 3 per liter.After the price hike, petrol will cost Rs 139 per liter while the prices of diesel and kerosene will cost Rs 122 per liter. Similarly, the NOC has also hiked the prices of aviation fuel by Rs 5 per liter for domestic carriers and USD 100 per 1000 liters for international airlines. However, the price of cooking gas remains unchanged.Issuing a press release on 19th January, the NOC said that although the corporation received 12 new revised prices in the first six months of the current fiscal year (based on the automatic pricing mechanism with international prices), the corporation adjusted the prices only 3 times even though there were increments in the international rates. For that reason, the corporation incurred a loss of Rs 19.26 billion resulting in insufficient reserve funds.Even after today's price adjustment, there will be a loss of around Rs 1.88 billion in 15 days, the corporation says.