Kathmandu: The state-owned Nepal Oil Corporation (NOC) that has been incurring a huge loss since a few months ago due to increased prices of petroleum products in the international market has received some respite from its negative financial balance as prices of the fossil fuels have started declining.

According to NOC, its projected fortnightly loss has come down to Rs 1.57 billion from more than Rs 2.50 billion at the new rates sent recently by the Indian Oil Corporation, sole supplier of the fuels to the NOC. With the revised rate, NOC now incurs loss of Rs 5.44 per liter in petrol, Rs 2.92 per liter in diesel and Rs 758.25 per cylinder in cooking gas.

At the current prices, NOC receives profit of Rs 26.44 per liter in aviation fuel (international), Rs 10.71 per liter in aviation fuel (domestic) and Rs 16.62 per liter in kerosene business. Citing the soaring price in the international market, NOC raised the fuel prices on November 10.

The state-owned oil monopoly, however, will now get some relief due to the falling prices of fuel in the international market. According to international media, the price of Brent Crude oil, which crossed US $ 83 per barrel some two months ago, has now come down to around USD 74 per barrel. The fall in oil prices has been attributed to a surge in Omicron cases.