March 1: The rise in price of oil in the international market has also impacted Nepal’s market, according to the state-owned Nepal Oil Corporation (NOC).

The NOC has received a revised list of petroleum products from the Indian Oil Corporation. As per the new list, the price of diesel has been increased by Rs 3 per litre, petrol by Rs 3.89 per litre, kerosene by Rs 10 per litre, aviation fuel by Rs 3.5 per litre and cooking gas (liquefied petroleum gas) by Rs 100 per cylinder.

NOC Spokesperson Binit Mani Upadhyay said that they are anticipating a fortnightly loss of Rs 3.9 billion and a monthly loss of Rs 6.19 billion if they did not revise the price according to the new list.

“We are under pressure to increase the price of petroleum products. Otherwise, we cannot pay the IOC,” said Upadhyay.

“We have to pay two installments to IOC for the month of March. We will not be able to pay them unless we increase the price or receive financial support from the government,” the official added.

According to him, NOC has to pay those installments on March 8 and 23.