Petrol, diesel per litre near Rs 200 as oil corporation hikes fuel prices heavily

By Editorial Team On Jun 21, 2022

A petrol pump attendant (L) puts petrol priced at Rs 99 per litre into a car at a Sajha Petrol gas station in Kathmandu, Nepal, January 27, 2016. A dramatic drop in oil prices, driven down by a glut in supply, is translating into a mixed bag for motorists. All countries have access to the same oil prices on international markets, but retail prices vary wildly, largely because of taxes and subsidies. Reuters

JUNE 20.kathmandu,

Nepal Oil Corporation has heavily revised the price of fuels, leading to an all-time record high cost of petrol, diesel and kerosene in the country.

As per the NOC’s latest decision, the prices of diesel and kerosene have been increased by Rs 27 in a litre while that of petrol has been hiked by Rs 21.

As such, diesel and kerosene are being traded at Rs 192 per litre after the rate revision. Similarly, petrol prices have inched closer to Rs 200 per liter as they will now be sold for Rs 199/l, effective from Monday.

Furthermore, aviation fuel for domestic airlines has been increased by Rs 19 per liter, landing at Rs 185 per liter. The same for international airlines has been increased by USD 100 per kiloliter to USD 1,645 per kiloliter, according to the corporation.

However, the price of liquefied petroleum gas has seen no change and will remain intact.

The reason given by the corporation for the hike in price of petroleum products is to bring it in par with the international market, and to cut down its financial losses – a monthly loss of over Rs 4.5 billion even after the increment – which it says it has been facing for a while.

Meanwhile, student unions close to various parties have demanded that the government revert its decision on fuel price hike.

They have warned of stern street protests should the concerned authorities fail to address their demands.