Petroleum Prices Unchanged: Oil Corporation Faces NPR 1.91 Billion Loss in 15 Days

Kathmandu. Nepal Oil Corporation (NOC) has decided to keep the retail selling prices of petroleum products unchanged. Despite receiving significantly higher purchase rates from the Indian Oil Corporation (IOC), the Corporation decided against increasing consumer prices for the time being.

According to a press release issued by NOC on Tuesday, the new purchase price received on September 15 shows an increase of NPR 12.40 per liter for petrol and NPR 4.68 per liter for diesel.

However, considering the difficult circumstances following the devastating flood in the Bhote Koshi River, the board of directors decided to maintain the existing retail prices effective from September 16, the Corporation stated.

NOC estimates that keeping prices unchanged despite rising international market rates and delaying automatic price adjustments will result in a loss of approximately NPR 1.9169 billion over the next 15 days.

The Corporation noted that although it typically adjusts prices based on international market fluctuations, it decided against a price hike this time in light of the post-disaster situation.