Petroleum products have been imported from India for a second consecutive time at a decreased amount. According to the latest price list received from Indian Oil Corporation (IOC) on Monday, diesel price has further decreased by Rs. 12.45 rupees per liter and petrol by Rs. 16.80 rupees per liter.

In an earlier price list, the price of petrol was reduced by Rs. 15.76/liter and diesel was reduced by Rs. 16.56/liter, but Nepal Oil Corporation (NOC) refused to reduce fuel prices, citing huge losses. NOC is yet to announce if they will reduce fuel prices this time.

With the second consecutive decrease in import price, the overall fortnightly loss of the corporation will come down to around 75 crores. With no price reduction, the corporation can sell petrol at a profit of Rs. 2/liter. However, according to corporation sources, there will still be a loss of around Rs. 10/liter in sales of diesel, therefore the loss of Rs 75 crores.

After the decline in the price of crude oil in the international market, the import price of fuel has decreased for the second time for Nepal Oil Corporation. Currently, the price of crude oil in the international market is around $103 per barrel and the price is expected to decrease further.