Nepal Oil Corporation (NOC) has reduced the price of petrol by Rs 4 per liter and diesel by Rs 5 per liter.

At the revised rates, petrol now costs Rs 159 per liter and diesel costs Rs 149 per liter. The new price rates will come into effect from Sunday midnight.

According to the NOC, it decided to lower the fuel costs citing the new revised rates sent by its supplier Indian Oil Corporation. The international media show that the price of crude oil went down by around 21 percent in the international market in the past six months.

Last time on August 31, the state-owned petroleum monopoly reduced petrol price by Rs 2 per liter and that of diesel by Re 1 per liter.