KATHMANDU: A sub-committee under the Industry Commerce and Consumers Welfare Committee of the Legislature-Parliament has directed the Nepal Oil Corporation (NOC), a state oil monopoly, not to hike the price of petroleum products. The sub-committee directed the state oil monopoly to this effect folloiwng a meeting held on Thursday arguing that the price-hike of the petroleum products contravenes the automatic pricing mechanism introduced by the government recently.
“While the price of the petroleum products is decreasing at the international market, the NOC’s move to increase the price of petroleum products will unreasonably hit the consumers,” said the sub-committee in a statement today, dismissing the state oil monopoly’s argument that the price-hike will check the smuggling of the petro products. The NOC had decided to hike the price of the petroleum products effective from December 18.
