Nepal Oil Corporation (NOC) has slashed fuel prices, effective from Sunday midnight.

Prices of petrol, diesel and kerosene have been reduced by Rs3 per litre each. With this, petrol now costs Rs175 per litre and diesel and kerosene each cost Rs172 per litre.

However, the state-owned oil monopoly has not adjusted the price of liquefied petroleum gas (LPG). The NOC said that it could not lower the price of LP gas citing a maximum loss in the sale of the commodity.

Likewise, the NOC has also revised the price of Aviation Turbine Fuel (ATF). The corporation has slashed the price of ATF sold to domestic airlines by Rs20 per litre while the fuel price sold to international airlines has been cut by Rs30 per litre.

An emergency meeting of the NOC Board of Directors, which follows the appointment of Madhu Kumar Marasini as the secretary at the Ministry of Industry, Commerce and Supplies, decided to slash the fuel price.