KATHMANDU, Dec 22: A sub-committee under the parliamentary Industry Commerce and Consumers Welfare Committee has directed the Nepal Oil Corporation (NOC) not to implement its decision to increase price of petroleum products.
The sub-committee directed the state-owned petroleum monopolist following a meeting held on Thursday, arguing that the decision contravenes with the automatic pricing mechanism introduced by the NOC recently.
“While the price of petroleum products is decreasing in the international market, the NOC's move to increase the price of petroleum products will hit consumers,” the sub-committee said in a statement on Thursday, dismissing the NOC's argument that the hike in price will check smuggling of petroleum products.
The NOC had decided to increase the price of diesel, petrol and kerosene on December 18.
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