KATHMANDU: The Nepal Oil Corporation (NOC), state oil monopoly, has slashed the prices of petroleum products.

NOC reduced the prices of petrol, diesel, and kerosene by Rs 1 per liter with effective from Wednesday midnight.

The price has been reduced as per the demand of five student unions despite trade deficit the NOC has been facing, said the corporation.

With the new price adjustment, petrol will now cost Rs 128 per liter and diesel and kerosene Rs 111 per liter.

The prices of unrefined petroleum products have increased in the international market.