The Nepal Oil Corporation (NOC) has hiked the price of petrol by Rs. 5 per liter effective from Sunday. After the price hike decision petrol will be traded at Rs. 102 from in the market.
The board meeting of the NOC meeting held on Friday decided to this effect, to narrow down the heavy losses to the NOC.
The NOC decided to hike the price to keep up with the increasing fuel prices in the international market, said NOC Spokesperson Mukunda Dhungel.
With this, NOC losses will decrease to Rs. 1.27 billion from Rs.1.33 billion, he said. However, no changes were made in the prices of diesel, kerosene, and Liquefied Petroleum Gas (LPG)