March 2: The Indian Oil Corporation (IOC) has sent a revised price list of petroleum products to Nepal Oil Corporation (NOC) by reducing the fuel prices except that of Liquefied Petroleum Gas (LPG) or cooking gas.

However, NOC is reluctant to reduce the fuel prices on the pretext of its accumulated losses. The NOC argued that  its outstanding dues is Rs 15 billion and therefore it is not in a position to  slash the fuel prices although it has adopted automatic pricing mechanism.

Issuing a statement on Wednesday, NOC said that the state-owned oil monopoly has decided not to reduce the consumer price of petroleum products for the time being, even though the price of fuel except cooking gas has been reduced.

NOC also made it clear that the price of cooking gas will not rise anytime soon.

As per the new price sent by Indian Oil Corporation, the price of diesel has become cheaper by Rs 5 per litre, petrol by Rs 1.21 per litre, kerosene Oil by Rs 3.40 per litre and aviation fuel by Rs 7.3 per litre. On the other hand, the price of cooking gas has increased by Rs 339 per cylinder. But it will not have any impact on the general public as the NOC has decided to keep the prices unchanged.