Fuel Prices Drop in Nepal
The Nepal Oil Corporation (NOC) has reduced the prices of petroleum products.
Nepal Oil Corporation (NOC) has announced a reduction in the prices of petroleum products, including petrol, diesel, kerosene, and aviation fuel. The new prices will come into effect from 1 AM on Tuesday.
The decision to adjust the prices was made based on the latest price list sent by the Indian Oil Corporation (IOC), which supplies refined petroleum products to Nepal.
According to NOC, the price of petrol has been reduced by NPR 1 per liter, while the prices of diesel and kerosene have been lowered by NPR 2 per liter.
The new prices will be implemented in different parts of the country, divided into three regions:
- First Region: This includes areas like Charali, Biratnagar, Birgunj, Janakpur, Amlekhgunj, Bhalwari, Nepalgunj, and Dhangadhi. In this region, petrol will now cost NPR 155.50 per liter, and diesel and kerosene will be priced at NPR 144.50 per liter.
- Second Region: This includes Surkhet and Dang. In this region, petrol will cost NPR 157 per liter, and diesel and kerosene will cost NPR 146 per liter.
- Third Region: This includes Kathmandu, Pokhara, and Dipayal. In this region, petrol will now cost NPR 158 per liter, and diesel and kerosene will be priced at NPR 147 per liter.
Additionally, NOC has reduced the price of domestic aviation fuel by NPR 6 per liter. For international flights, the price of aviation fuel has been reduced by USD 45 per kiloliter.
It is important to note that Nepal Oil Corporation does not purchase crude oil directly from the international market. Instead, it buys all types of refined petroleum products from IOC, which sends updated prices every 15 days based on the international market rates for crude oil.
The price NOC pays to IOC includes the cost of crude oil, refining fees, and transportation. After that, NOC adds customs duties, administrative expenses, transportation costs, and dealer commissions to set the final consumer prices for petrol, diesel, kerosene, and LPG cooking gas.
Ultimately, the biggest factor influencing the price of petroleum products in Nepal is the cost of crude oil in the international market, as determined by IOC.
