KATHMANDU, JANUARY 5

Prime Minister Pushpa Kamal Dahal has instructed the Nepal Oil Corporation (NOC) to take steps for reducing the prices of petroleum products.

According to the Prime Minister's Secretariat, the head of the government directed making adjustment in the price of petroleum products commensurate with their international market price.

At present, the prices of petroleum products have fallen in the global market.

During his meeting today with Toyam Raya, Secretary at the Ministry of Commerce and Supplies, at the Office of the Prime Minister and Council of Ministers, the Prime Minister gave this instruction. The Commerce Secretary is the Chairperson of NOC, the State's monopoly of oil supplies.

According to the NOC latest details, the NOC is likely to secure a profit of Rs 990 million in 15 days.

Despite a fall in the petro prices in the international market, the NOC is reluctant to adjust the prices citing a burden of previous losses though it has already switched to an automatic fuel pricing system. As it says, their debt obligation is worth Rs 18 billion.

The PM's direction follows the NOC stand not to reduce the prices in spite of a wider pressure for the same.