KATHMANDU, OCTOBER 1
The Nepal Oil Corporation has backtracked on its decision to increase the price of petroleum products in the domestic market.
Issuing a notice today, the corporation notified that the decision to hike the price of petroleum products had been withdrawn from Monday in accordance with the directive of the government.A meeting of the Council of Ministers held today instructed the NOC to immediately rescind its decision to increase the price of petroleum products, taking into consideration the imminent festivals and the interest of the general public.
NOC Spokesperson Manoj Kumar Thakur said the decision to hike the price had been retracted and it would be adjusted from the money to be received from the price stabilisation fund and the government of Nepal.
On Saturday, the corporation had hiked the prices of petrol and diesel by six rupees per litre, and kerosene by two rupees per litre, and aviation fuel (both domestic and international) by eight rupees per litre.
The revised rate of petrol was set at Rs 185 per litre, while diesel and kerosene were priced at Rs 179 per litre, respectively. The prices of ATF for domestic use and international flights had gone up to Rs 144 per litre and $1.095 per litre, respectively.
Similarly, the price of LP Gas was increased by Rs 215 per cylinder. The price of LPG had reached Rs 2,110 per cylinder after the price hike.
According to the NOC, it had raised the prices in accordance with the revised rates of petroleum products from the Indian Oil Corporation, but decided to retract its decision effective from midnight.
A version of this article appears in the print on October 2, 2023, of The Himalayan Times
