NOC loses Rs. 3.21B in two weeks
Summary
Nepal Oil Corporation is set to lose Rs. 3.21 billion in two weeks after keeping petroleum prices unchanged despite higher purchase costs from the Indian Oil Corporation. The corporation says it chose not to pass on the increases to consumers during the festive season, but losses on most fuel products continue to mount.
Key Points
- Nepal Oil Corporation projects a fortnightly loss of Rs. 3.21 billion after keeping retail fuel prices unchanged despite revised IOC purchase rates.
- The corporation said it held prices steady to protect consumers during the festive season, even as international oil market fluctuations increased pressure on its finances.
- NOC is losing money on almost all petroleum products except aviation fuel, with LPG causing the highest loss at Rs. 640 per cylinder.
- The corporation warned that continued losses could further weaken its financial position if domestic prices are not adjusted to match international rates.
