Kathmandu-The Nepal Oil Corporation (NOC) has slashed the price of petrol by Rs 20 per litre and diesel and kerosene by Rs 30 per litre following a decline in international petroleum prices.

The revised prices, approved by the NOC board on Tuesday, will come into effect from 12:01 am on Wednesday. The adjustment is based on the latest fuel purchase rates received from Indian Oil Corporation.

Under the new rates, petrol will cost Rs 194.50 per litre in the first price category, Rs 196 per litre in the second category and Rs 197 per litre in the third category, including Kathmandu Valley.

Diesel and kerosene will be priced at Rs 192.50 per litre in the first category, Rs 194 per litre in the second category and Rs 195 per litre in the third category.

The corporation has also reduced the price of domestic aviation fuel by Rs 40 per litre to Rs 229 per litre.

For international flights from Kathmandu, the price of aviation turbine fuel has been lowered by 40 US cents to 256 US dollars per kilolitre. However, fuel prices for international flights from Pokhara and Bhairahawa have been kept unchanged at the breakeven point.

The price of liquefied petroleum gas (LPG) has also been reduced by Rs 100 per cylinder to Rs 2,060.

NOC said the latest revision was possible after international petroleum prices declined in recent weeks, allowing the corporation to pass on the benefit to consumers.