Nepal Oil Corporation (NOC) on Sunday reduced price of diesel by Re 1 per liter, within five days of its latest price reduction.
The new price Rs 81 per liter will come into effect from today midnight, said Deepak Bohora, spokesperson of NOC. After widespread criticism, NOC adopted automatic pricing system to adjust price of petroleum products according to the international price.
Consumers have been complaining that NOC has not been adjusting the prices as per the international price to reduce its losses.
Even after price reduction, NOC’s monthly profit will stand at Rs 870 million, said Bohora.
The technically bankrupt oil monopoly has also started booking profit after petroleum prices in the international market started coming down.