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Fuel price hike from Saturday afternoon

fuel-price-hike

Nepal Oil Corporation (NOC) has hiked the fuel prices from Saturday afternoon.

Now diesel/kerosene will cost Rs 100 per litre and petrol will available for Rs 125 per litre. However, the price of liquefied petroleum gas (LPG) has not been changed.

With a new price list, NOC has hiked Rs 1 per litre in diesel and kerosene while Rs 2 per litre in petrol.

The state-owned oil monopoly has also raised the price of aviation fuel. The price of aviation fuel sold to domestic airlines has been hiked by Rs 10 per litre to Rs 130 per litre, and that sold to international carriers has been increased by $50 per kilo litre to $1,300 per kilo litre.

NOC faces Rs 733 million in monthly losses from its LPG business alone. On a LPG cylinder, NOC incurs Rs 523 loss. Though the cost of LPG gas has not been hiked due to fear of people’s outbrust of price hike.

Officials said the petroleum price hike in Nepal was in line with the rise in Brent crude oil price in the international market. Consumer rights activists, however, criticised the government’s move to increase fuel prices, saying it violated the election code of conduct.

Domestic airlines are permitted to increase the fuel surcharge if the fuel price goes up by Rs 4 and above. The Airlines Operators’ Association of Nepal is scheduled to meet on Sunday over the matter.

Airlines officials said fuel cost has already affected their profits and the additional hike has worried them. With the Saturday’s revision, NOC will get the profit of Rs 27 on a litre of aviation fuel sold to domestic carriers.