Himal Press 
KATHMANDU: The Nepal Oil Corporation (NOC) has raised the price of products as supply of petroleum products deteriorates thrughout the world due to the ongoing crisis in the Gulf and rising costs in the international market.
Issuing a statement on Sunday evening, the state-owned petroleum monopoly said the price of petrol has gone up by Rs 15 per litre, and diesel/kerosene by Rs 10 per litre.
With the fresh revision,petrol will now cost Rs 172 per litre in Kathmandu Valley and among other urban centers in hilly areas, while diesel/kerosene wil retail at Rs 152 per liter.
The new prices came into effect from Sunday midnight.
“The prices were adjusted in line with the new price rates for the next 15 days received from our sole supplier, the Indian Oil Corporation (IOC), the NOC said in the statement.
Even after making upward revision to prices, the NOC has claimed that it is it is still incurring losses of around Rs 3.93 billion every fortnight on petroleum sales. “Although the price of petrol has increased by Rs 31 per liter, diesel/kerosene by Rs 54 per liter, and liquefied petroleum gas (LPG) by Rs 216 per cylinder (14.2kg) as per the new rates, we have adopted a strategy of increasing prices only at a lower rate by using the price stabilization fund keeping mind consumer welfare and the convenience of public transportation,” NOC said.
The NOC, however, has not increased the price of liquefied petroleum gas (LPG), stating that the current rate has been kept unchanged to reduce the burden on consumers.
