Nepal Oil Corporation (NOC) was established in January 1970 by the Government of Nepal as a state-owned trading company to deal with the import, transportation, storage and distribution of various petroleum products in the country. NOC, headquartered in Kathmandu, has Five Regional Offices and also Branch Offices, Fuel Depots and Aviation Fuel Depots with total storage capacity of 71,622 Kilolitres (KL) and around 600 employees.
The government run Nepal Oil Corporation (NOC) has decreased fuel prices as per the new price list sent by Indian Oil Corporation (IOC).
IOC is the sole petroleum products supplier to Nepal through NOC. IOC had sent the new price list to NOC
According to NOC, petrol price has decreased and now costs 110 rupees per litre. Similarly, prices of diesel and kerosene have also decreased by 2 rupees per litre each and now cost Rs 87.50 per litre.
This new price came into effect from Wednesday, December 03, 2014. NOC also claims that the decreasing price will not affect its profit. According to the corporation, NOC’s profit per month is 512 million rupees.
However, NOC informs that LPG prices will not decrease and is currently facing a loss of 490 rupees per cylinder.
This is the fifth time the NOC decreased the fuel prices, within 2 months.
The sole petroleum products supplier has taken loans from the government, banks and financial institutions of around Rs 36.66 billion till date.