Nepal Oil Corporation (NOC) has increased the prices of petrol and diesel, with the revised rates coming into effect from Sunday.
As per the new adjustment, the price of petrol has gone up by Rs 2 per liter, while diesel has become costlier by Rs 3 per liter. The state-owned fuel monopoly said the decision was triggered by a rise in import rates from its sole supplier, the Indian Oil Corporation (IOC), which recently increased the export price of petrol by Rs 2.45 per liter and diesel by Rs 6.53 per liter.
With the latest revision, consumers in the Kathmandu Valley will now pay Rs 161 per liter for petrol and Rs 147 per liter for diesel.
NOC reviews fuel prices every 15 days under an automatic pricing mechanism. However, frequent fluctuations in the international market and adjustments by the IOC continue to influence retail prices in Nepal, contributing to inflationary pressures across key sectors, including transportation and consumer goods.
The corporation has stated that despite the price hike, it is still incurring losses on diesel sales, although it is making a marginal profit on petrol. Further revisions will depend on future price movements in the global oil market.
