By Our Reporter
Nepal Oil Corporation (NOC), the state monopoly to supply fuel across Nepal, has refused to cut the prices of petroleum products despite a sharp fall in fuel prices across the world. The NOC though is buying fuel at a cheaper rate than in the past from India, it has been selling it at a higher rate in the past.
The NOC officials claim that they are not in a position to cut the prices citing that its loss had reached a whopping Rs. 27 billion. It is said that the NOC made a profit of Rs. 180 million in a fortnight alone last month.
The NOC stated that due to fluctuations in the price of petroleum products in the international market, it has been operating at a loss for a long time.
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