KATHMANDU: Nepal Oil Corporation (NOC) has hiked the price of petroleum products.

The revised prices come into effect from Thursday midnight.

The NOC has increased the price of petrol by Rs 8 per liter and diesel and kerosene by Rs 12 liter each.

According to the new price on Thursday, petrol will cost Rs 178 per liter and diesel and kerosene Rs 165 per liter.

The price of cooking gas has remained unchanged, according to NOC.

The government had earlier announced to reduce the price of petroleum products through this year’s budget.

The Ministry of Finance had directed the Ministry of Industry to remove the infrastructure tax levied on petroleum products.

Infrastructure tax of Rs 10 was levied on petroleum products.

The price was reduced after the finance ministry instructed the industry ministry to remove it.

According to the NOC, even after the revised price, the Corporation will suffer a loss of around Rs 3.14 billion in the next 15 days.

NOC has said it is currently facing a deficit of Rs 24.79 per liter on petrol and Rs 18.01 on diesel.