Petroleum prices have risen to a record high. Nepal Oil Corporation has increased petrol, diesel and kerosene prices by Rs 5 each with effect from 12 midnight on Thursday. Now, petrol has reached Rs 150 per liter, diesel Rs 133 and kerosene Rs 133.

According to a new list sent by the Indian Oil Corporation, the price has been adjusted. The government has not shown any interest in providing relief by reducing unnecessary taxes on fuel even though the prices have been increased beyond the means of subsistence. Petrol purchased from IOC at Rs 93.76 is taxed at Rs 59.48 and diesel at Rs 94.12 is taxed at Rs 42.16. Similarly, kerosene purchased at Rs 88.83 is taxed at Rs 13.36 and gas purchased at Rs 1641.23 is taxed at Rs 280.30. Apart from that, the selling price is fixed by adding the corporation’s expenses, transportation fare, petroleum seller’s expenses / profit.

The corporation has stated that there is still deficit in fuel. The corporation claims a loss of Rs 16.28 on petrol and Rs 11.78 on diesel. In kerosene, the corporation has a profit of Rs 19.51 per liter. Even if Rs 15 per liter tax is added in the name of infrastructure, such savings are not in the government coffers. Initially, funds were raised in the name of Budhigandaki hydropower project, but the project has not started. Officials of the Ministry of Finance claim that the money was spent on various infrastructures.

The corporation’s 15-day loss was Rs 3.9 billion due to lack of price adjustment,” said Pushkar Karki, co-spokesperson of the corporation. The 15-day loss is now estimated at Rs 2.5 billion.