Govt implements automated pricing system in petroleum products

KATHMANDU: The government has implemented the automatic pricing system (APS) in petroleum products. Nepal Oil Corporation (NOC) informed that the APS has been enforced in petrol, diesel and liquefied petroleum gas (LPG). Secretary at the Ministry of Industry, Commerce and Supplies (MoICS), Madhu Kumar Marasini, shared in a press meet that the meeting of the NOC's Board of Directors convened on Sunday took the decision to this effect in view of the interest of the consumers. Marasini expressed his confidence that the general public and entrepreneurs will get some relief from this decision. The decision, however, will not be applied to the price of aviation fuel. "In the case of aviation fuel, there will be the same arrangement as before," informed Secretary Marasini. According to the APS, the retail price of petrol has been slashed by Rs 6 per litre, diesel by Rs 4 per litre and Rs 10 per LPG cylinder. With the APS in place, the new price of petrol is Rs 164 per litre and Rs 164 per litre for diesel in the Kathmandu Valley. The price of these two petroleum products, however, could vary in other places, according to the MoICS. The price of LPG has come down to Rs 1,700 per cylinder from Rs 1,800, it was shared. The APS was brought into effect after the NOC made due payment of Rs 31 billion to the Indian Oil Corporation (IOC), it was informed. Similarly, out of Rs 7 billion loan obtained by the NOC from the government of Nepal last year, Rs 3.5 billion is due. The state-owned trading enterprise that imports, stores and distributes petroleum products still has a debt of Rs 29 billion in total, it was briefed in the press meet. By RSS READ ALSO:

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