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NOC preparing to hike petroleum price

Nepal Oil Corporation is planning to hike the price of petroleum products.
“There is no alternative to adjust the price of petroleum products upwards,” said commerce secretary Madhav Prasad Regmi briefing the review meeting of the secretaries of the various ministries.
Currently, the NOC is incurring a loss of Rs 1.35 billion per month, according to the new list of the Indian Oil Corporation (IOC). “Likewise, per litre diesel incurs a loss of Rs 11.09, per cylinder of cooking gas Rs 755.38,” he said, adding that the government has helped the NOC get Rs 5.65 billion – Rs 2 billion twice and Rs 1.65 billion once – loan to maintain the smooth supply of the petroleum products in last months.
Thus price adjustment is the only option, he added.
The government is against the subsidy to petroleum products that is used mostly by urbanites.
The petroleum transporters have also been suggested to use the time card from ferrying the petroleum from Raxual depot to Amlekhgunj depot.
Department of Commerce and Department of Standard and Meteorology, on the occasion, suggested maintaining transparency in the petroleum business.
Secretary at the office of the Prime Minister Krishna Hari Baskota, on the occasion, asked the transporters not to cover the tanker with plastic sheets that could help leakage of petroleum products in the winter season. “It will benefit the tankers but NOC will loss,” he said, asking the NOC officials to try to import petroleum products from the nearest depot of IOC to reduce leakage due to temperature variation. “The NOC has also increase its stock to 30,000 kl from the current 17,000 kl to 18,000 kl, apart from maintaining the smooth supply.” NOC can reduce its losses from diesel and cooking gas from the business of Bitumin and lubricants, Baskota added.