KATHMANDU: Nepal Oil Corporation (NOC) has increased the retail prices of petrol and diesel following a rise in international petroleum prices.

Under the revised rates, effective from 1:00 a.m. on Monday, petrol has been increased by Rs3 per litre, while diesel and kerosene have gone up by Rs5 per litre.

According to the state-owned fuel supplier, the latest purchase prices from Indian Oil Corporation increased by Rs31.19 per litre for petrol and Rs39.67 per litre for diesel. However, NOC said it limited the retail price hike to reduce the burden on consumers.

Under the first pricing category, the new retail price of petrol has been fixed at Rs197.15 per litre, while diesel and kerosene will also cost Rs197.15 per litre.

Despite the adjustment, the corporation said it is projected to incur a fortnightly loss of Rs1.49 billion.