Nepal Oil Corporation (NOC) on Friday has slashed the price of petrol and diesel/ kerosene in line with the export prices forwarded by the Indian Oil Corporation (IOC).
NOC reduced the price by Rs 7 per liter in Petrol and Rs 5.30 per liter in diesel/ kerosene. Petrol will now cost Rs 116 per liter and diesel/kerosene Rs 92.
According to NOC Spokesperson Mukunda Ghimire, it has also slashed the aviation fuel by Rs 10 per liter. Earlier it was Rs 143 per liter.
As per the automatic pricing mechanism, the state-owned oil monopoly adjusted fuel prices based on the rates sent by its Indian supplier.
IOC had reduced prices of petrol and diesel by two percent each in the Indian market on Monday. Based on the IOC-sent rates, NOC revises the prices under the auto pricing mechanism.
IOC reviews export prices of petrol and diesel/kerosene every fortnightly, and of other products such aviation fuel and LPG on a monthly basis.
Though NOC was supposed to adjust the new rates on Wednesday, it had deferred the plan to study the feasibility of reducing the price by more than 2 percent.
Students’ unions on Thursday had submitted a joint memorandum to Prime Minister Sushil Koirala demanding a revision to public transport fares in line with falling oil prices.
Responding to the students’ concerns, the prime minister had informed that the ministry concerned has already been directed to adjust the prices.
On Monday, Prime Minister Sushil Koirala had directed Minister for Commerce and Supplies Sunil Bahadur Thapa to do the needful for reducing price of petroleum products in line with the falling global prices.