NOC says it won’t reduce prices of petroleum products due to its outstanding dues of Rs 29.11 billion

Kathmandu: Nepal Oil Corporation (NOC) has refused to reduce the prices of petroleum products stating that it still owes Rs 29.11 billion to the government and Indian Oil Corporation (IOC).

Issuing a press release on Thursday, the state-owned oil monopoly refused to adjust the fuel prices, although it has been earning profits for the last month. According to the NOC, it has outstanding dues of Rs 29.11 billion to the government and the IOC.

The NOC in its notice has maintained that it still faces a challenge to maintain an uninterrupted supply of fuel, despite making profits from the sale of petroleum products.

According to the NOC, in recently received price lists from IOC, petrol is dearer by 61 paisa per liter, while the price of diesel has increased Rs 5.76 per liter, kerosene by Rs 4.01 per liter and aviation fuel by Rs 4.77 per liter.

At the new price rates, NOC faces a loss of Rs 228.84 per cylinder in cooking gas and Rs 12.14 per liter in diesel. NOC is projected to earn profits of Rs 180 million in the next 15 days.