KATHMANDU: Following a drop in international fuel prices, the Nepal Oil Corporation (NOC) has announced a significant price reduction on petroleum products, effective Wednesday at 12:01 AM.

According to the new rates adjusted after the latest purchase prices from the Indian Oil Corporation (IOC), the price of petrol has been cut by Rs 20 per liter, while diesel and kerosene have seen a reduction of Rs 30 per liter.

Domestic aviation fuel decreased by Rs 40 per liter (now costing Rs 229 per liter), and international aviation fuel prices were reduced by USD 265 per kiloliter in Kathmandu.

Additionally, the price of cooking gas (LP gas) has been slashed by Rs 100 per cylinder, bringing its cost down to Rs 2,060 from the previous Rs 2,160.

NOC stated that while international market fluctuations had previously delayed automated price updates, this major adjustment directly reflects the improved, lower procurement rates received from the IOC.