NOC reduces petrol price by Rs 2 per liter and diesel by Rs 1 per liter
KATHMANDU, Aug 31: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel and aviation fuels based on the new price lists that the corporation received from its supplier Indian Oil Corporation.
KATHMANDU, Aug 31: Nepal Oil Corporation (NOC) has reduced the prices of petrol, diesel and aviation fuels based on the new price lists that the corporation received from its supplier Indian Oil Corporation.
The Nepal Oil Corporation (NOC) has increased the price of petroleum products. The petrol price has been increased by Rs 4 per litre while diesel and kerosene oil by Rs 3 per litre, effective from 1:00 am July 16.
KATHMANDU: The Nepal Oil Corporation (NOC) has raised fuel prices. In a meeting held on Monday, the NOC’s board of directors decided to increase the price of petrol by Rs 4 per liter and diesel and kerosene by Rs 3 per liter, according to spokesperson Manoj Thakur. The new prices will come into effect from […]
KATHMANDU, March 16: The import price of petroleum products of the country has declined with Indian Oil Corporation curtailing the prices of fuels that it supplies to Nepal Oil Corporation (NOC).
KATHMANDU, March 16: The import price of petroleum products of the country has declined with Indian Oil Corporation curtailing the prices of fuels that it supplies to Nepal Oil Corporation (NOC).
KATHMANDU, May 17: Few days ago, the government decided to hike the price of petrol to Rs 170 per liter and diesel to Rs 153 per liter. The price is likely to go higher in the coming days.
Nepal imports petroleum products from India. According to the Nepal Oil Corporation (NOC), India has once again hiked the petroleum price. With this, the petrol costs Rs 192.94 per liter to the Nepal government. Prior to this, Nepal was purchasing petrol from India at Rs 184.36 per liter.
The price of petroleum products is skyrocketing across the globe following the Ukraine-Russia war.
Nepal Oil Corporation (NOC) has again increased the prices of petroleum products.
The NOC has revised the prices of petrol, diesel and kerosene citing an increase in their prices in the international market.
The Corporation has increased the prices of petrol, diesel and kerosene by Rs. 5 per litre each effective from Thursday midnight.
The hike in price subsequently affects the livelihood of people along with an increase in public transportation cost, as transportation cost affects the price of all commodities, including daily consumable groceries and vegetables. To put it in simple words, “THE COST OF LIVING WILL BE HIGH.”
“Increasing Petrol Price' ’is the current hot issue to be discussed these days. The price of petrol has been increased 15 times in the past year (2020/2021) in Nepal. Now the price of petrol is NRs130 per liter. The average price of gasoline (petrol) around the world is 1.20$ per liter. However, there is a substantial difference in the price among countries. All the countries have access to the same petroleum prices on the international market. However, their decision to impose different taxes results in the disparity in the retail price around the world.
Fuel prices around the world are on a roller coaster ride. The present disaster in the world fuel market is the result of rising consumption especially in rapidly growing economies like China and India, and due to the failure to address oil market concerns by the Organization of the Petroleum Exporting Countries (OPEC).
The perception that supply is struggling to keep up with demand has also contributed to the rising trend in oil prices in the past few months. Compared with the fuel price globally, Nepalis are paying even more than those in some of the developed countries. Being a poor and developing country Nepal is unable to meet the skyrocketing fuel prices.
Higher petrol and diesel prices tend to increase household expenditure, directly or indirectly. The value of essential commodities like food, medicine, etc. has been impacted by a rise in fuel price. The hike in price subsequently affects the livelihood of people along with an increase in public transportation cost, as transportation cost affects the price of all commodities, including daily consumable groceries and vegetables. To put it in simple words, “THE COST OF LIVING WILL BE HIGH.”
The price of petrol was hiked 10 times in six months --- from 16th of February, 2021 to 6th of July, 2021 taking the price from Rs 110 (Feb 16) to Rs 130 (till date). The price of petrol and diesel in Nepal has surged by more than 20% in one year, according to the Nepal Oil Corporation (NOC). The government has been allowing NOC, the state-owned petroleum giant to adjust fuel prices almost every fortnight based on the international market trends.
The rise in the price can be explained through the ‘DEMAND AND SUPPLY’ theory. Resumption of business and social activities after COVID-19 boosted across the world along with some hopes of future demand for crude oil. According to the Organization of the Petroleum Exporting Countries (OPEC), the average consumption in 2021 is 96.58 million barrels per day predicted by International Energy Agency (IEA) which in 2020 was 90.63 million also predicted by IEA that by 2020 the demand would surpass the pre-pandemic demand.
In order to meet the increasing price of petrol in Nepal, we need a huge investment in the power sector. We should be able to create a favorable atmosphere for investors. We should try our best to take advantage of the huge energy requirements of India, which is gradually emerging as a global power.
