Prime Minister Pushpa Kamal Dahal on Thursday directed the concerned authorities to slash the prices of petroleum products.

The prime minister summoned Toya Narayan Gyawali, commerce and supplies secretary, to the Office of Prime Minister and Council of Ministers and directed him to cut fuel prices, citing a price drop in the international market and revised pricelist of the Indian Oil Corporation.

PM Dahal instructed the secretary to lower the fuel prices to provide relief to consumers.

It is estimated that the Nepal Oil Corporation will mint a profit of around Rs990 million fortnightly as the fuel prices have come down in the international market. However, the state-owned oil monopoly is reluctant to reduce fuel prices significantly citing previous losses and an outstanding due totalling Rs11 billion to be paid to IOC and Rs7 billion loan to be paid to the government.

The Nepal Oil Corporation on December 16 slashed the prices of petroleum products—petrol, diesel and kerosene—by Rs3 per litre.

The prime minister has been making a series of instructions since he took over the office on December 25.

Earlier on Wednesday, the prime minister directed finance minister Bishnu Poudel and Nepal Rastra Bank Governor Maha Prasad Adhikari to find ways to minimise the impact on the people created due to the economic condition, stop the flow of loans in unproductive sectors and aware the people of economic indicators.

On Tuesday, the prime minister directed the concerned authorities to allow a Nepali citizen to bring two mobile sets from abroad.