The government is going to implement the Automatic Pricing System (APS) in petroleum products effective from this midnight.
The Nepal Oil Corporation (NOC) under the Ministry of Industry, Commerce and Supplies (MoICS) informed that the APS would be enforced in petrol, diesel and LGP cylinder.
Secretary at MoICS, Madhu Kumar Marasini, shared in a press meet that the meeting of the NOC's Board of Directors convened on Sunday took the decision to this effect in view of the interest of the consumers. Marasini expressed his confidence that the general public and entrepreneurs would get some relief with this decision.
The decision, however, would not be applied in the price of aviation fuel.
"In case of aviation fuel, there would be the same arrangement as before," informed Secretary Marasini.
According to the APS, the retail price of petrol has been slashed by Rs 6 per litre, diesel by Rs 4 per litre and Rs 10 per LPG gas cylinder.
With the APS in place, the new price of petrol is Rs 164 per litre and Rs 164 per litre for diesel in the Kathmandu Valley. The price of these two petroleum products, however, could vary in other places, according to the MoICS.
The new price of one LPG cylinder has come down to Rs 1,700 from Rs 1,800, it was shared.
The APS was brought into effect after the NOC made due payment of Rs 31 billion to the Indian Oil Corporation, it was informed.
Similarly, out of Rs 7 billion loan obtained by the NOC from the government of Nepal last year, Rs 3.5 billion is due. It still has a debt of Rs 29 billion in total, it was briefed.