Nepal Oil Corporation (NOC) has increased the prices of petrol, diesel, kerosene and cooking gas effective from Wednesday midnight.

According to the NOC, petrol is now dearer by Rs2 per litre, diesel and kerosene each by Rs1.5 per litre and cooking gas by Rs25 per cylinder.

With the price adjustment, petrol now will cost Rs100 per litre and diesel and kerosene each will cost Rs75.50 per litre. Similarly, cooking gas will cost Rs1,350 per cylinder. NOC Spokesperson Birendra Kumar Goit said the NOC hiked the prices in accordance with the new price lists sent by the Indian Oil Corporation.

As per the NOC, the price of crude oil reached $61.37 per barrel in the international market on Wednesday.

“With the escalating oil prices in the international market, the Indian oil supplier has raised the price accordingly,” Goit said. According to him, NOC is forecasting a profit of Rs39.4 million per month with the new prices. “Had the NOC not revised the prices, the projected loss of the enterprise would have been Rs220 million per month,” Goit said.

With the revised price, the NOC enjoys profit of Rs5.50 per litre in petrol, Rs16.02 per litre in kerosene and 75 paisa per litre in diesel. It faces loss of Rs215 per cylinder in cooking gas.