NOC loss decreases

Kathmandu, Nov 8 –  Following the decline in the prices of fuel in the international market, the monthly loss of the Nepal Oil Corporation (NOC) fell during the month of November as compared to month of October.

 

The NOC would suffer a loss of Rs. 1.04 billion in the month of November while it had faced a loss of Rs. 1.24 billion in October.

 

According to the new price structure received from Indian Oil Corporation (IOC), the corporation will face a loss of Rs. 649.01 per cylinder in cooking gas and Rs. 8.87 per litre in diesel.

 

However, the corporation will make a profit of Rs. 7.54 in per litre of petrol, Rs. 6.71 in per litre of kerosene and Rs. 29.24 in per litre of aviation fuel.

 

Deepak Subedi, spokesperson at the Ministry of Commerce and Supplies said that marginal declined in the prices of fuel in the international market has attributed to decline its loss on November as compared to October.

 

He, however, said that mounting loss in cooking gas has badly affected the financial health of the corporation for this month also.

 

The loss in the cooking gas is more responsible for the worsening financial health of the corporation. The corporation faced a loss of around Rs. 900 million per month in cooking gas alone.

 

According to him, the government is committed for smooth supply of petroleum products.

 

He said that the government will adopt all mechanism for the smooth supply of fuel in the country.

 

The loss ridden corporation is still supplying fuel regularly in the market, he said, adding that the corporation has already drawn the attention of the government about its financial situation.

 

Source: TRN