Kathmandu- The prices of petroleum products have dropped.
Nepal Oil Corporation has reduced the price of petrol by Rs 5 per liter and diesel and kerosene by Rs 1 per liter.
The corporation has stated that the reduced prices will be effective from Wednesday.
The government has decided to provide Rs 4.20 billion to the Nepal Oil Corporation from the Price Stabilization Fund.
The government will provide the amount to Nepal Oil Corporation as it does not have enough fund to pay for the fuel purchase. The corporation will have to pay Rs 19.47 billion to the IOC for the purchase of fuel next Friday, while the corporation has only Rs 13 billion at present.
NOC has been paying IOC every 15 days. The corporation has been incurring a loss of Rs 9 billion every month and Rs 33 billion in the current fiscal year alone.
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