September 10: Nepal Oil Corporation has decided to reduce the price of petroleum products by Rs 2 effective from today afternoon.

NOC Managing Director Surendra Poudel made such announcement ahead of the inauguration of the much-awaited trans-boundary petroleum pipeline between Nepal and India in Amlekhgunj on Tuesday.

The 70 kilometer pipeline from India’s Motihari to Nepal’s Amlekhgunj is scheduled to be inaugurated jointly by the prime ministers of the two countries at 12.15 pm local time.

India’s PM Narendra Modi and his Nepali counterpart KP Oli will press the buttons at their respective offices to launch the pipeline through video conference.

The operation of the pipeline is expected to reduce the cost of transporting oil to Nepal as well as leakage. NOC estimates to save Rs 2 billion annually.

As per the decision of NOC, petrol, diesel and kerosene will now cost Rs 2 less.