NOC faces loss worth 2.22 bn in last 15 days

Photo Courtesy: Nepal Oil Corporation

Kathmandu: The loss of Nepal Oil Corporation has skyrocketed due to increase in the price of petroleum raw material in the international market. In the last 15 days alone, more than Rs 2.22 billion loss has been projected.

The corporation had incurred a loss of Rs 4 billion last year for the first time in six years due to rising crude oil prices. According to the new price sent by the Indian Oil Corporation (IOC) on October 16, the 15-day deficit is projected at Rs 2.22 billion.

Earlier, the corporation had incurred an average loss of Rs 2.5 billion as of September 31. The loss in one month alone would reach Rs 4.44 billion due to lack of price adjustment according to the international market.