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Fuel prices in Nepal are expected to increase after the Nepal Oil Corporation (NOC) received revised purchase rates from India’s Indian Oil Corporation (IOC), although the state-owned fuel supplier has yet to announce new retail prices.

NOC said the latest adjustment involves a significant increase in procurement costs, requiring approval from its board of directors before revised retail prices can be implemented.

The corporation usually reviews prices on the 1st and 16th of every month based on updated rates sent by IOC. While the new rates were received on Friday, the board has not met because of the weekend public holidays.

According to NOC, management can adjust prices by up to Rs. 2 per liter under the automatic pricing mechanism, but larger changes require board approval.

NOC spokesperson Manoj Kumar Thakur said the revised price list would be published after the board’s decision.

Officials said IOC’s latest price revision reflects higher international crude oil prices, making an increase in domestic fuel prices almost certain. The extent of the hike and its implementation date will be announced after the board meeting.