Nepal Oil Corporation Slashes Fuel Prices

Kathmandu. Nepal Oil Corporation has made a heavy cut in the price of petroleum products. As the price of fuel has come down in the international market, the corporation has reduced the price of petrol, diesel, kerosene, aviation fuel and cooking gas effective from 12:01 AM on Wednesday.

The corporation's board of directors, in a meeting held on Tuesday, decided to reduce petrol by Rs 20 per liter, diesel and kerosene by Rs 30 per liter, and domestic aviation fuel by Rs 40 per liter.

Similarly, the price of LP gas for cooking has been reduced by Rs 100 per cylinder. According to the new purchase price received from Indian Oil Corporation (IOC), the price of petrol has decreased by Rs 15.09, diesel by Rs 29.46, aviation fuel by Rs 29.42, and gas also saw a price reduction, prompting the corporation to adjust the prices here as well.

The price of LP gas for cooking will now be Rs 2,060 per cylinder (14.2 kg). Earlier, the price of gas was Rs 2,160. Similarly, the price of domestic aviation fuel has been fixed at Rs 229 per liter.

The price of international aviation fuel has been reduced by 265 US dollars per kiloliter to 1,566 dollars for Kathmandu. For international aviation fuel in Pokhara and Bhairahawa, the corporation stated that the selling price has been fixed at the 'breakeven point' (point where there is no profit or loss). Accordingly, the price of international aviation fuel has been set at 1,100 dollars in Pokhara and 1,085 dollars in Bhairahawa.

The corporation clarified that although the price of petroleum products has fluctuated in the international market for the past few months, the price could not be adjusted according to the automatic pricing system. The corporation's statement mentions that 'due to the improvement in the international market price of petroleum products, the new purchase price received from Indian Oil Corporation today has decreased'.