Print Edition - 2015-06-02 | MONEY
NOC hikes fuel prices, rolls back
Jun 1, 2015-
Nepal Oil Corporation (NOC) rolled back its decision to hike fuel prices in a span of a few hours.
NOC spokesperson Mukunda Ghimire said the management initially raised the prices by Rs2 per litre on petrol, diesel and kerosene each. “However, we withdraw the price hike considering the fact that the people are seeking more relief after the earthquake,” he said.
Since adopting the auto-pricing mechanism on September 28 last year, NOC has been revising oil price in line with the international rates.
Last month too, the state-owned oil monopoly did not raise the prices despite receiving the list of hiked prices from its supplier Indian oil corporation.
At present, the petrol costs Rs109 per litre, while the diesel and kerosene cost Rs86.50 per litre each.
With the shortage of manpower, low supply and high demand, the prices of many essentials have escalated after the quake.
“As a hike in oil prices hike may push up the prices of essentials further, the management withdrew its own decision,” said Ghimire.
NOC received the revised price list from IOC on Monday. Ghimire said the IOC increased the prices citing high rates in the international market. IOC reviews export prices of petrol, diesel and kerosene every fortnight, and those of other products such as aviation fuel and LPG on a monthly basis.
As per the Indian media, the price of cooking gas on Monday rose IRs10.50 per cylinder, while the aviation turbine fuel was up 7.5percent in India.
Published: 02-06-2015 07:44