KATHMANDU: Nepal Oil Corporation (NOC) slashed the prices of petroleum products on Tuesday.

The NOC decided to cut Rs 2.50 per litre in petrol and Rs 2 each in diesel and kerosene.

Likewise, the state-owned oil monopoly reduced Rs 35 in the  liquefied petroleum gas (LPG) per cylinder.

According to the new revised rate, the price of petrol will be Rs 104 per litre. Earlier,  the price of petrol was Rs 106.50.

Similarly, the price of kerosene and diesel will be Rs 82 per litre each. 

Likewise,  a cylinder of cooking gas will be sold at Rs 1,400. 

The revised fuel price will come into effect from Wednesday.

UPDATE

Following these price adjustments, NOC’s profit for September is estimated to hover around Rs 870 million from Rs 851 million at present. According to NOC spokesman Deepak Baral, “NOC generates a profit of Rs 11 on the sale of each litre of petrol, Rs 11 on each litre of diesel, Rs 23 on each litre of kerosene and Rs 30 on each cylinder of cooking gas.”

NOC has been generating profit on all petroleum products that are being sold in the country.