KATHMANDU: Nepal has kept domestic fuel prices unchanged despite a sharp decline in global crude oil prices, with the state-owned Nepal Oil Corporation saying any adjustment will be made only after it receives its next price revision from Indian Oil Corporation (IOC) on July 1.

Corporation spokesperson Manoj Thakur said fuel prices are reviewed twice a month based on IOC’s revised rates under the automatic petroleum pricing system. “The next price list will arrive within a week, after which a decision on adjusting domestic prices will be taken,” he said.

The corporation had raised fuel prices six times in March and April, citing soaring international oil prices, but has since maintained the same rates despite the recent decline in global crude prices. Petrol currently costs Rs217 per litre, while diesel and kerosene are priced at Rs225 per litre.

The corporation said it is still recovering heavy losses incurred when it sold fuel below cost during the surge in international prices.

According to Thakur, the price stabilisation fund of Rs19 billion and Rs17 billion in accumulated profits have already been exhausted, while the corporation spent an additional Rs36 billion this year to cover the gap between import costs and domestic selling prices.