Nepal Oil Corporation (NOC) has increased the price of petroleum products. A day after the NOC hiked the price, Petroleum Dealers Association of Nepal has announced the retail price of increased rate. Retail price for petrol has been fixed Rs. 100.50, diesel Rs. 70.20 and kerosene Rs. 65.30 per litre.
According to the late evening decision of NOC Board, a litre of petrol will cost Rs. 100, diesel Rs. 70 and kerosene Rs. 65, while cooking gas (LPG) will cost Rs. 1,200 a cylinder in Kathmandu Valley. LPG will cost Rs. 1,180 in Tarai districts from Jhapa to Rupandehi.
Petrol in the Valley becomes dearer by Rs. 20, diesel by Rs. 14 and kerosene by Rs. 14 for each litre and the cooking gas will be costlier by Rs. 100 per cylinder.
The hike was aimed at ensuring smooth fuel supply and bailing out NOC from its outstanding dues to IOC and local financial institutions, said NOC chairman Purushottam Ojha said at a press conference.
The government has also decided to cut taxes on import of petroleum products in the range of five to 31 per cent. The government will now levy Rs. 14 a litre on petrol, Rs 1.60 on diesel and Re 1 on kerosene, while tax on cooking gas has been dropped to four per cent from the earlier 6.75 per cent.
Earlier, import duty was Rs. 14.75 per litre on petrol, Rs. 2.10 on diesel and Rs 1.30 on kerosene. Likewise, the 1.5 per cent local development tax on petroleum products has been dropped to 1 per cent.
The government has opened up import and sale of all petroleum products for private sector.
Though the price was hiked last October, on at least two other occasions in recent months, price rises prompted large-scale street protests leading the government to hastily roll back the rises.
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