Kathmandu: The government of Nepal has decided to give Rs 4.20 billion to Nepal Oil Corporation (NOC) from the price stabilization fund.

The corporation has stated that it will receive the amount as it does have enough money to pay the Indian Oil Corporation (IOC). The corporation will have to pay Rs 19.47 billion to the IOC for fuel purchase next Friday, while the corporation currently has only Rs 13 billion.

The NOC has been paying the IOC every 15 days. The NOC has been bearing a loss of Rs 9 billion per week. The corporation has faced a loss of Rs 33 billion in the current fiscal year.

Meanwhile, the NOC has yet again decided to hike the prices for petroleum products from Tuesday midnight. A meeting of the NOC board of directors held on Tuesday increased the price of petrol, diesel and kerosene by Rs 5 per liter. With this, the price of petrol has now reached Rs 160 per liter. Similarly, the retail price of diesel and kerosene has been fixed at Rs 143 per liter.

Similarly, the price of cooking gas has been increased by Rs 25 per cylinder to Rs 1,600. According to NOC, the price of aviation fuel has been increased by Rs 5 to Rs 156 per liter for domestic aircraft whereas the fuel for aircrafts used in international flights rose by US dollar 50 per kiloliter to USD 1,545.