Kathmandu- Nepal Oil Corporation (NOC) has slashed price of petroleum products once again.
The new price has come into effect from 10 a.m. Sunday, said the NOC spokesperson Mukunda Prasad Ghimire. According to Ghimire, the NOC has reduced price of petrol, diesel and kerosene by Rs 2 each.
Now, petrol will sell for Rs 111.50 per litre. Similarly, diesel and kerosene will sell for Rs 88.88 each per. The previous selling price of petrol was Rs 113.50 per litre. But, the NOC has not reduced price of LPG (liquefied petroleum gas) and aviation fuel. Currently, customers have to pay Rs 1470 for a cylinder of LPG gas.
Fuel price has been dropping in Nepal almost every month after the government adopted automatic pricing mechanism. This is the seventh time that the NOC has reduced fuel price after the mechanism was introduced on 29 September, 2014.
As per this mechanism, fuel price automatically drops or rises in Nepal when Indian Oil Corporation (IOC) revises its petroleum price every fortnight. The NOC buys all kinds of petroleum products from the IOC.
Before automatic pricing mechanism was adopted, petrol would sell for Rs 134.50 in Nepali market.
With price of crude oil falling in international market and the NOC fortnightly revising its fuel price, Nepali people have been able to breathe a sigh of relief.
The NOC says it has not had to incur loss in petrol, diesel and kerosene after adopting automatic pricing mechanism.