NOC's loss reaches all-time high of Rs 3.08 billion

KATHMANDU, FEBRUARY 2 : The Indian Oil Corporation (IOC) has again made an upwad revision in the price structures of petroleum products being sold to the Nepal Oil Corporation (NOC). Citing an upward turn in the values of crude oil in the international maket, the Indian Oil Corporation (IOC) did so on Tuesday.    

According to the NOC, its Indian fuel supplier increased the prices of petrol, diesel and kerosene by Rs 3.89, Rs 3.80 and Rs 10. 30 per litre, respectively.  Similarly, the aviation fuel saw a hike of Rs 3.32 per litre, while the price of cooking gas went up by Rs 99.17 per cylinder.

It is reported that due to the mismatch in the prices of fuel in the domestic and international markets, the losses faced by NOC has reached the all-time high of Rs 3.08 billion .    

The state-run oil monopoly is said to be losing Rs 20.52 per litre in petrol, Rs 16.80 per litre in diesel and Rs 665.34 per cylinder in cooking gas. Nevertheless, it is earning profits while selling the aviation fuel and kerosene.

The recent onset of the Russia-Ukraine war appears to be triggering arbitrary fluctuations in the fuel prices in the international market. The reverberations of such fluctuations are being felt in the Nepali market, too, with the continual upsurge in the prices of petroleum products.