Kathmandu, Sept 4 . Due to steady rise in the price of petroleum products in the international market and rising value of the US Dollar, the Nepal Oli Corporation (NOC) has witnessed heavy loss in the last month.
Last month, the state-owned NOC suffered Rs 144.2 million in loss. Likewise, the NOC’s monthly loss is likely to ramped up to Rs 640 million as per the recent pricelist from the Indian Oil Corporation (IOC), the Acting Managing Director of NOC Sushil Bhattarai said.
The NOC is to witness Rs 315.9 million in loss in 15 days as per the IOC’s price list sent to the NOC on September 1.
NOC’s Spokesperson Birendra Goit said that Nepal’s oil monopoly NOC should bear additional 170 million rupees in deficit after one dollar price hike in per barrel crude oil price.
Likewise, the consumption of the petroleum products has gone up in the recent days, thanks to the rise in vehicles and increased LP gas users across the country.
Meanwhile, Acting Managing Director Bhattarai said that efforts are ongoing to recover the economic condition of the NOC by managing the rising loss.
Currently, the price of petrol is cheaper by Rs 26.77 per litre and the price of diesel is cheaper by Rs 28.50 per litre in Nepal compared to the Indian bordering cities of Raxual, which has created more challenges in the supply management of fuel, Goit said.
As of the latest price list, the NOC is suffering a loss of Rs. 1.11 in every litre of petrol, Rs. 2.84 in diesel and Rs. 331 per cylinder of Liquefied Petroleum Gas or cooking gas.