Nepal Oil Corporation Commits to Sustaining Supply Despite Heavy Losses

Nepal Oil Corporation (NOC) has reported incurring losses of approximately NPR 7.51 billion due to a sharp increase in fuel prices in the international market. The corporation is currently facing a loss of NPR 331.25 per LPG cylinder and NPR 87.99 per liter of diesel. Addressing misleading information circulating on social media, the corporation has pledged to adjust prices appropriately once international market rates decrease. Kathmandu, 30 Chaitra.

NOC expressed serious concern over the negative misinformation related to petroleum prices and profit-loss figures spreading across social media platforms. In a statement released on Monday, the corporation explained that the surge in international fuel prices has caused weekly losses totaling around NPR 7.51 billion. According to NOC, the latest price list from Indian Oil Corporation (IOC) dated 17 Chaitra reflects a significantly high purchase cost for petroleum products.

Public data indicates that the highest losses are incurred on LPG gas and diesel. Even after partial price adjustments, the corporation continues to bear a loss of NPR 331.25 per LPG cylinder and NPR 87.99 per liter of diesel. Additionally, petrol shows a loss of NPR 2.32 per liter, furnace oil NPR 36.70 per liter, and domestic aviation fuel NPR 0.92 per liter. Based on IOC’s price, NOC’s cost price for petrol is NPR 221.32 per liter, while the retail price is fixed at NPR 219 only.

Despite these challenging financial conditions and significant losses, NOC asserts it is maintaining the smooth supply and management of petroleum products. The corporation urges all consumers to understand the complexities created by international market fluctuations and not to believe rumors circulating on social media. NOC further reaffirmed its commitment to making appropriate price adjustments locally once the international prices decline.