As crude oil price dips in international market, Nepal Oil Corporation (NOC) has also received slashed price rate from Indian Oil Corporation.
IOC, the sole supplier of petroleum products to Nepal has slashed price of Petrol by Rs 15.76 and that of diesel by 16.56. However, Nepali public will not be able to relish on this decreased price as NOC has decided not to adjust this price cut due to previous losses. NOC has informed that it has more than 31 billion payable to IOC. Today, government has provided debt source of more than Rs 10 billion to pay IOC.
The price of crude oil that was peaking due to Russia-Ukraine war has started to fall in recent times. Price of crude oil that had reached more than $120 per barrel last month, has now fallen to around $100 per barrel. It is expected to fall to around $65 range by the end of 2022.