Nepal Oil Corporation (NOC) has reduced the prices of diesel, petrol and kerosene by Rs 1 per liter, citing a reduction in the price lists of petroleum fuels sent by its sole supplier Indian Oil Corporation.

Issuing a statement on Monday evening, the state-owned oil monopoly said that the new prices will come into effect from January 16. As per the revised list, petrol will cost Rs 166 per liter in the Kathmandu valley while the price has been fixed at Rs 163.50 per liter in the areas bordering with India.

Likewise, diesel and kerosene will now cost Rs 156 per liter each in the valley while their price has been determined at Rs 153.50 per liter in border areas. The price of liquefied petroleum gas has been left unchanged.

The NOC had slashed the prices of these petroleum products by Rs 3 per liter earlier on December 15.