Kathmandu: With the sharp rise in the prices of Brent crude oil in the international market as a result of Russia's invasion in Ukraine, the Nepal Oil Corporation (NOC) has decided to hike the prices of petrol and diesel by Rs 5 per liter.

The state-owned oil monopoly decided to hike the prices of petrol and diesel as Indian Oil Corporation (IOC) recently sent revised prices of petroleum products. With the fresh hike, the price of petrol per liter in the domestic market has reached Rs 150 and the price of diesel and kerosene Rs 133 per liter.

The NOC has increased the price of aviation fuel (domestic) by Rs 10 per liter and aviation fuel (international) by $100 per kilolitre. The price of LPG gas has not been changed now.

On Thursday, the price of Brent crude oil reached $117 amid short supply in the international market. The NOC had earlier said that it had to incur a loss of Rs 2.5 billion in the past 15 days alone with the rising prices of Brent crude oil due to Russia-Ukraine conflict.