Fuel prices unchanged as Oil Corporation faces fortnightly loss

Nepal Oil Corporation has decided to keep the retail prices of petrol, diesel and kerosene unchanged from current rates.

The decision was taken at a meeting of the Corporation's board of directors on Thursday.

Indian Oil Corporation had sent a new procurement price to the Corporation on Asoj 29. Although the automatic pricing system called for a price adjustment, the Corporation said it chose not to raise prices so as not to burden consumers ahead of the approaching festivals.

The Corporation projects that not raising prices will cost it around Rs 3.45 billion every 15 days.

The decision comes at a time of fluctuations in international crude oil prices. The Corporation applies different retail prices across the country, divided into first, second and third categories.

The Corporation issued a press statement on the decision on Thursday.