Fuel prices dropped, with corporation profiting 8 per liter on gasoline
Recently, the price of fuel has decreased in the international market, so the new price has come down.
KATHMANDU: The price of petroleum products supplied to Nepal by Indian Oil Corporation (IOC) has dropped.
Diesel and gasoline prices have decreased, according to new prices sent out on Saturday, April 1.
According to the new prices, petrol has dropped by one rupee 74 paise and diesel has dropped by six rupees 82 paise, according to Nepal Oil Corporation. In 15/15 days, IOC will send a new price.
Recently, the price of fuel has decreased in the international market, so the new price has come down.
The current market open selling price of petrol is Rs 178 per liter, and diesel is Rs 175 per liter. Despite the fact that the price of fuel has recently decreased in the international market, the corporation makes a profit of 8 rupees per liter on petrol and 15 rupees per liter on diesel as the price is not adjusted in the local market accordingly.
As of the global recession and problems in the banking sector, consumption of crude oil has decreased, lowering the price.
According to the corporation, as of the decrease in consumption, the cost of petroleum refining companies has also decreased, resulting in a decrease in the price of petroleum products entering Nepal.
Recently, the corporation was forced to pay 16000 million in arrears by borrowing from IOC and the government to buy petroleum products. Arrears have been reduced to around 12000 million as a result of the current profit.
