For CMOS feature size of 65 nm and below, local (or intra-die or within-die) variations in transistor Vt contribute stochastic variation in logic delay that is a large percentage of the nominal delay. Moreover, when circuits are operated at low voltage (Vdd ≤ 0.5V), the standard deviation of gate delay becomes comparable to nominal delay, and the Probability Density Function (PDF) of the gate delay is highly non-Gaussian. This paper presents a computationally efficient algorithm for computing the PDF of logic Timing Path (TP) delay, which results from local variations. This approach is called Non-linear Operating Point Analysis for Local Variations (NLOPALV). The approach is implemented using commercial STA tools and integrated into the standard CAD flow using custom scripts. Timing paths from a 28nm commercial DSP are analyzed using the proposed technique and the performance is observed to be within 5% accuracy compared to SPICE based Monte-Carlo analysis.