Price of petroleum products to remain same

Kathmandu / Dec.3: Even though the price of petroleum products from India has decreased, Nepal Oil Corporation has said that the price of petroleum products will not be reduced immediately.

The Indian Oil Corporation (IOC) sent the list of the reduced price of petrol, diesel, kerosene, and jet oil to the Nepal Oil Corporation (NOC) on December,1.

As per the purchase price received by the IOC, the price of Liquefied petroleum gas (LP) has increased while the price of petrol, diesel, kerosene, and jet oil has gone down.

Spokesperson of NOC Binit Mani Upadhyaya said that there is minimal chance of an oil price to go drop-down immediately even though the price of oil in the list has decreased.

As per the new price list, the price of petrol has decreased by Rs 2.38, diesel by Rs 11, kerosene by 80 paisa, and jet oil by Rs 7, however, the price of LP gas per litre has increased by 244.

According to Spokesperson Upadhyaya, the corporation is in a profit of Rs 580 million, however, has to pay Rs 27 billion including the amount owed to IOC, the old debts, and debt owed to the government of Nepal.

He mentioned that the corporation has been operating at a loss for a long time due to the fluctuation in the price of petroleum products.