Aug 02, Kathmandu - Nepal Oil Corporation (NOC) traditionally announces new fuel prices on the 1st and 16th of each month. The corporation typically receives updated prices from Indian Oil Corporation (IOC) by the 15th and the last day of each month, respectively, and adjusts its prices accordingly. However, despite receiving new price information yesterday, NOC has yet to release the updated price list.

Under the automatic pricing system, the management has the authority to adjust prices up or down by up to Rs. 2. For adjustments exceeding this limit, a meeting of the Board of Directors is legally required.

According to NOC spokesperson Manoj Kumar Thakur, since the new prices received yesterday have shown significant changes, a board meeting will be convened to decide on the new prices before making any public announcement.

The Ministry of Industry, Commerce, and Supplies, which oversees the corporation, has its Secretary as the Chair of the Board of Directors. Currently, the board is chaired by Secretary Narayan Prasad Sharma Duwadi, with members including Additional Secretary Netr Prasad Subedi from the Industry Ministry, Additional Secretary Shankar Bahadur K.C. from the Ministry of Finance, Director General Kumari Jyoti Joshi of the Department of Quality Control and Measurement, Director General Motiram Sapkota of the Department of Commerce, along with other members such as Nar Bahadur Aair, Secretary Deepak Baral, and invited members including representatives from official trade unions.

Sources within the corporation indicate that the recent surge in international crude oil prices has caused petrol and diesel prices in India—and consequently in Nepal—to increase significantly.

“Due to rising crude oil prices in the global market, the new price list received from IOC reflects an increase,” said a source, “The delay in convening the board meeting over the weekend has postponed the implementation of the new prices. Once the board decides, the new prices will come into effect.”

With the rise in prices from India, it is certain that fuel prices in Nepal will also increase. However, the exact timeline for the public announcement of the new prices remains unclear.