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NOC Going To Make Profit Of Rs. 200 Million In May
By KTM Metro Reporter
May 3, 2013: Nepal Oil Corporation (NOC) will make a profit of Rs 200 million in May following the price structure provided by the Indian Oil Corporation (IOC) on Tuesday, April 30, 2013, according to the news posted on ‘gorkhapatraonline.com’ today. NOC imports all the petroleum products required for Nepal from the IOC.
Recently, India has reduced the retail price of petrol. So, Nepal might benefit from the low price of petrol in the international market. However, prices of petroleum products in India and Nepal are one of the highest in the world. High prices of petroleum products had driven the prices of almost all the consumer products to the peak.
NOC director Shiva Prasad Pudasaini said that the NOC was now making profit in the sale of petrol, diesel, kerosene and aviation fuel; NOC should not make any losses following price reduction in the international market. However, the corporation was still bearing a loss of Rs 610 million in cooking gas, he said.
According to the new price structure, the corporation makes loss of Rs. 439.50 per cylinder of cooking gas. However, the corporation makes a profit of Rs. 12.89 per liter of petrol, Rs. 3.44 per liter of diesel, Rs. 15.83 per liter of kerosene and Rs. 26.98 per liter of aviation fuel.
“The monthly interest payment also has affected our financial health. We have to pay the monthly interest of around Rs.190 million. If the corporation relieves of this burden of the interest payment, its financial position would be improved significantly,” he said. Currently, the corporation’s loan stands at Rs. 28.51 billion, he said.
