Nepal Oil Corporation (NOC) has slashed gasoline prices effective from Sunday midnight.

According to NOC, it has revised the fuel prices based on the new price lists that the enterprise received from Indian Oil Corporation (IOC).

“We have reduced the price of petrol by Rs 3 per litre and diesel and kerosene by Rs 2 per litre,” informed NOC spokesperson Birendra Goit, “The new price will be effective from Sunday midnight.”

According to the new revised rate, the price of petrol will be Rs 110 per litre. Similarly, the price of kerosene and diesel will be Rs 93 per litre each.

The state owned oil monopoly, however, has not revised the price of aviation fuel and Liquefied Petroleum Gas (LPG).

Nepal on September 29, 2014 had adopted an auto pricing mechanism on the oil business—diesel, petrol and kerosene and had amended the Petroleum Products Auto Pricing System Bylaw and working guideline on 2017 to enforce auto pricing system for cooking gas.