NOC refuses to reduce fuel prices citing losses

Nepal Oil Corporation (NOC) fuel prices
File: Nepal Oil Corporation (NOC) office in Teku, Kathmandu

Kathmandu, December 4

Nepal Oil Corporation (NOC) has refused to reduce the price of petroleum products despite buying at cheaper rates from India.

The NOC said it was in no state to decrease prices as its accumulated losses had reached Rs 27 billion. Last month, the NOC recorded a fortnightly profit of Rs 180 million.

The corporation issued a statement on Friday and stated that due to fluctuations in the price of petroleum products in the international market, it has been operating at a loss for a long time.

According to new rates given to the NOC by Indian Oil Corporation, the price of LP Gas has gone up while the prices of petrol, diesel, aviation fuel and kerosene have gone down.

According to the NOC, it is seen that the corporation will incur a loss of Rs 368.5 million in 15 days only from the sale of gas cylinders. On the contrary, the corporation will make a profit of Rs 580 million in 15 days from the sale of petrol, diesel, aviation fuel and kerosene.

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