KATHMANDU, APR 17 - 2013
The state-owned Nepal Oil Corporation ( NOC ) has started making profit on all petroleum products except on liquefied petroleum gas (LPG) as per the latest tariff sent by Indian Oil Corporation (IOC) on Tuesday.
With this the debt-ridden NOC monthly projected loss has dropped to Rs 67.2 million from Rs 95 million. The latest revision means NOC ’s profit on a litre of petrol, diesel and kerosene has increased to Rs 9.42, Rs 1.39 and Rs 13.78 respectively. The corporation’s profit on a litre of aviation fuel sold to domestic and international carriers stands at Rs 24.96 and Rs 29.69 respectively.
However, it has been incurring loss of Rs 504 on an LPG cylinder. NOC ’s supplier IOC reviews export price of petroleum products on 1st and 16th of every month to reflect changes in the global oil market.
Export price of petrol and diesel is reviewed fortnightly, while that of kerosene, aviation fuel and LPG is done on a monthly basis. NOC attributed the recent fall in crude oil price in the international market led to changes in the cost structures in the domestic market.
According to a Reuters report, Brent crude oil hit an eight-month low to $101 a barrel on Monday as the outlook for global crude demand growth dimmed. Brent crude oil was at $ 108.76 per barrel on April 1.
NOC currently owes Rs 28 billion to the government and banks and financial institutions.
In the first eight months of the current fiscal year, Nepal imported petroleum products worth Rs 68.07 billion, up 17.4 percent compare to the same period last year.
Source: The Kathmandu Post
The state-owned Nepal Oil Corporation ( NOC ) has started making profit on all petroleum products except on liquefied petroleum gas (LPG) as per the latest tariff sent by Indian Oil Corporation (IOC) on Tuesday.
With this the debt-ridden NOC monthly projected loss has dropped to Rs 67.2 million from Rs 95 million. The latest revision means NOC ’s profit on a litre of petrol, diesel and kerosene has increased to Rs 9.42, Rs 1.39 and Rs 13.78 respectively. The corporation’s profit on a litre of aviation fuel sold to domestic and international carriers stands at Rs 24.96 and Rs 29.69 respectively.
However, it has been incurring loss of Rs 504 on an LPG cylinder. NOC ’s supplier IOC reviews export price of petroleum products on 1st and 16th of every month to reflect changes in the global oil market.
Export price of petrol and diesel is reviewed fortnightly, while that of kerosene, aviation fuel and LPG is done on a monthly basis. NOC attributed the recent fall in crude oil price in the international market led to changes in the cost structures in the domestic market.
According to a Reuters report, Brent crude oil hit an eight-month low to $101 a barrel on Monday as the outlook for global crude demand growth dimmed. Brent crude oil was at $ 108.76 per barrel on April 1.
NOC currently owes Rs 28 billion to the government and banks and financial institutions.
In the first eight months of the current fiscal year, Nepal imported petroleum products worth Rs 68.07 billion, up 17.4 percent compare to the same period last year.
Source: The Kathmandu Post
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