August 1: The Indian Oil Corporation (IOC) has sent a revised list of prices of petroleum products to Nepal Oil Corporation (NOC) after reduction in fuel prices.

As per the revised list received by the state-owned oil company of Nepal on Monday, the price of petrol has been reduced by Rs 16. 80 per litre. Likewise, the price of diesel and kerosene has been reduced by Rs 12. 45 per litre.

On July 15, IOC had reduced the price of petrol by Rs 15. 76 and diesel by Rs 16. 56 per litre.  However, NOC is yet to adjust the price of petroleum products stating that it is still in internal loss despite the reduction in price list sent by the IOC. The NOC has not yet made its views public regarding whether it will lower the price of fuel or not.

NOC insists it is still bearing a loss of Rs 14.19 on a litre of petrol and a loss of Rs 21. 92 per litre of diesel/kerosene.

The IOC reduced the price of petroleum products after a decline in fuel prices in the international market. The price of Brent crude oil in the  international market currently stands at USD 103 per barrel.