By A Staff Reporter
Kathmandu, Aug. 3: Nepal Oil Corporation, the state owned monopoly petroleum supplier, has increased the price of the petroleum products effective from Saturday midnight.
It is the third time the NOC has increased the fuel price in a month.
The NOC has increased the price of petrol, diesel and kerosene by Rs. 2 per litre each.
Fuel price was adjusted based on the new price structure received from the Indian Oil Corporation on August 1, said Binitmani Upadhyay, spokesman of the NOC.
As per the latest revised rate, petrol costs Rs.104 per litre and diesel and kerosene each cost Rs. 90 per litre.
He, however, said that the price of aviation turbine fuel (ATF) and cooking gas had remained the same.
In a month, the price of petrol rose by Rs. 8 per litre and diesel and kerosene each by Rs. 5 per litre.
Earlier, the NOC had hiked the price of the petroleum products on June 30 and on July 10.
Upadhyay said that the NOC had adjusted the prices of fuel, especially petrol, diesel and kerosene based on the new price structure received from the IOC as the price of these products had increased significantly.
The IOC sends the new price list to the NOC on the 1st and 16th days of every month.
"Even after adjusting the fuel price, the NOC still faces a loss of Rs. 1.23 per litre in petrol and Rs. 1.15 per litre on diesel. The NOC is making a profit of Rs. 12 million in 15 days by the sale of all petroleum products, including the cooking gas, he said.
The NOC is making a profit of Rs. 59 per cylinder and Rs. 8.86 per litre in the aviation fuel which helps it make profit despite facing losses in petrol and diesel.