Fuel prices go up for fifth time this year     
Posted in NEWS on Oct 11, 2011 | no responses

Nepal Oil Corporation (NOC) has hiked petroleum prices for the fifth time this year.

The state-owned monopoly jacked up the price of petrol by Rs 3 per litre and of diesel and kerosene by Rs 1 per litre each on Monday even as the country was emerging from its festival stupor.

Petrol now costs Rs 105 per litre in Kathmandu, Dipayal and Surkhet, and Rs 104.50 per litre in Pokhara and Dang. The price in Biratnagar, Amlekhgunj, Birgunj, Bhairahawa, Dhangadhi, Mahendranagar and Jhapa has been fixed at Rs 103.50 per litre.

Similarly, diesel and kerosene cost Rs 76 per litre each in Kathmandu, Dipayal and Surkhet, and Rs 75.50 per litre in Pokhara and Dang. In Biratnagar, Amlekhgunj, Birgunj, Bhairahawa, Dhangadhi, Mahendranagar and Jhapa, they cost Rs 74.50 per litre. Prices of LP gas and aviation fuel remain unchanged, according to NOC.

Perennially broke NOC said that a rise in international prices and its inability to purchase oil to ensure regular supply had forced it to raise the rates. NOC added that despite the hike, petrol was still cheaper in Nepal by Rs 8 per litre compared to Raxaul, India.

“The price hike has brought down NOC’s monthly losses to Rs 760 million from Rs 829 million,” said NOC spokesperson Mukunda Dhungel.

Under the new price schedule, NOC will make a profit of Rs 0.38 per litre of petrol, Rs 0.01 per litre of kerosene and Rs 19.45 per litre of aviation fuel sold to domestic airlines and Rs 19.60 per litre of aviation fuel sold to international carriers.

However, the corporation will still be incurring a loss of Rs 10.21 per litre of diesel and Rs 305.64 per cylinder of LPG. The country consumes 55,000 kl of diesel, 16,000 kl of petrol, 8,000 kl of aviation fuel, 4,000 kl of kerosene and 1.1 million cylinders of LP gas monthly.

NOC ramped up prices after the government turned down its repeated requests for a loan to import adequate quantities of gasoline during the festive season. “We had no option but to hike the rates as our selling price was lower than the cost price,” Dhungel added.

PRICE HIKES IN 2011

Month Petrol(in Rs/litre) Diesel/Kerosene(in Rs/litre)
12-Mar 97 68.5
12-Jun 102 68.5
10-Jul 102 73.5
26-Aug 102 75
10-Oct 105 76

ATF import up 44.51pc
Imports of aviation turbine fuel (ATF) jumped 44.51 percent to 16,954 kl in the first two months of the current fiscal year compared to the same period in the last fiscal year. State-owned monopoly Nepal Oil Corporation (NOC) imported 11,732 kl of ATF in the corresponding period last year.

Total imports of petroleum products rose 8 percent in the first two months. NOC imported 174,868 kl of petroleum products in the first two months against 161,905 kl in the same period in the last fiscal year. Of the total oil imports, petrol amounted to 32,964 kl and diesel 95,326 kl. According to NOC, the country imported 1.145 million kl of petroleum products during all of the last fiscal year.

(Source:ekantipur)


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