KATHMANDU: Nepal Oil Corporation (NOC) has decided to keep fuel prices unchanged. A meeting of the corporation’s board on May 31 decided to maintain the current retail prices.
The decision comes despite receiving a new fuel price list from Indian Oil Corporation (IOC). Nepal receives updated petroleum prices from IOC every 15 days, and adjustments are generally made based on the revised rates.
NOC said it could not fully adjust prices due to rising costs in the international market. The corporation cited the ongoing conflict in the Middle East, which has pushed global fuel prices higher and increased import costs.
Under the existing rates, petrol is priced at Rs 214.50 per liter in the first category, Rs 216 per liter in the second category, and Rs 217 per liter in the third category.
Diesel continues to cost Rs 222.50 per liter in the first category, Rs 224 per liter in the second category, and Rs 225 per liter in the third category.
Similarly, the Indian government has reduced export duties on petrol, diesel, and aviation turbine fuel (ATF), effective from June 1.
According to Reuters, the export duty on petrol has been cut to 1.5 Indian rupees per liter from 3 Indian rupees per liter. Diesel export duty has been reduced to 13.5 Indian rupees per liter from 16.5 Indian rupees per liter, while ATF duty has been lowered to 9.5 Indian rupees per liter from 16 Indian rupees per liter.
The move is not expected to directly benefit Indian consumers, as excise duties remain unchanged. However, it will reduce export costs for Indian refineries and may help improve fuel supply.
