Fuel Price Hike Likely as IOC Raises Supply Rates
Nepal Oil Corporation (NOC) is likely to increase fuel prices after receiving a new pricing list from Indian Oil Corporation (IOC), showing a double-digit rise in import costs. The final decision will be made by NOC's Board of Directors.
Nepal Oil Corporation (NOC) is expected to increase domestic fuel prices after receiving a new pricing list from the Indian Oil Corporation (IOC), which shows a double-digit increase in the import cost of petroleum products. The higher rates come amid rising global crude oil prices, making a price adjustment in Nepal increasingly likely. According to NOC, the increase exceeds the limit that management can approve under the automatic pricing mechanism, requiring a decision by the company's Board of Directors. As the board meeting could not be held due to a public holiday, the revised prices have yet to be announced. Once approved, consumers are expected to pay higher prices for petrol and diesel.