Petroleum products' price hike to be withdrawn from midnight today

KATHMANDU, Oct 1: The Nepal Oil Corporation (NOC) has said its decision to increase the price of petroleum products would be taken back from midnight today.

NOC stated through a notice today that the decision to hike the price of petroleum products has been withdrawn to be effective from today in accordance with the directive of the government. A meeting of the Council of Ministers held today instructed the NOC to immediately withdraw its decision to increase the price of petroleum products, taking into consideration the imminent festivals and the interest of the general public. 

NOC spokesman Manoj Kumar Thakur said the decision to hike the price has been retracted and it would be adjusted from the money to be received from the price stabilization fund and the Government of Nepal.

NOC on Saturday hiked the price of petrol and diesel by rupees six per litre, of kerosene by two rupees per litre and aviation fuel (both domestic and international) by eight rupees per litre. Similarly, the price of LP Gas was increased by Rs 215 per cylinder. The price of LPG had reached 2,110 per cylinder after the hike in price.