Oil Corporation hikes fuel prices by a steep Rs10 per litreWith the revised rate, the price of petrol and diesel will cost Rs170 per litre and Rs153 per litre respectively.
Nepal Oil Corporation on Saturday increased the prices of petrol, diesel and kerosene by Rs10 per litre each, a day after the local level elections concluded.
The revised rate will come into effect from Sunday.
With the revised rate, the price of petrol will cost Rs170 per litre, diesel Rs153 per litre and kerosene Rs153 per litre.
The prices of liquefied petroleum gas and aviation fuel remained unchanged.
Despite the price adjustment, the corporation said in a statement that it would still incur a loss of Rs4.25 billion fortnightly.
The oil monopoly said that out of the Rs25 billion amount that it needs to pay its supplier, Indian Oil Corporation, by May 8, only Rs12.51 billion has been cleared so far due to cash shortage.
Brent crude oil price reached $108.42 percent a barrel on Friday, according to media reports.
Nepal Oil Corporation had declared itself bankrupt in January despite hiking fuel prices to near-record levels.
The high cost of fuel is digging deeper into consumers' pockets, and the monthly consumer price inflation climbed to its highest level of 7.28 percent in the first nine months of the current fiscal year that ended in mid-April.