The escalating tension between the US-Israel and Iran in the Middle East has also impacted fuel prices in Nepal. Petrol, diesel, and LPG gas cylinder prices have seen a significant hike in Nepal. According to the new rates, petrol prices have increased by 31 rupees, diesel by 54 rupees, and LPG gas cylinders by 296 rupees.
Considering the ongoing conflict between the US-Israel and Iran, and the current situation in the Gulf countries, the Nepal government has decided to increase the prices of petroleum products.
Why was this decision taken?
The decision to raise petroleum product prices was made at a meeting of the Nepal Oil Corporation that extended late into Sunday night. A press release issued by the corporation stated that this step was necessitated by the continuous rise in international oil prices and challenges related to the supply system. The new rates have been effective from Sunday midnight.
What is the new rate card?
Under the new price revision, petrol prices have increased by 31 rupees per liter, diesel by 54 rupees per liter, and LPG gas cylinders by 296 rupees. Following this, petrol in Nepal is now priced at 188 rupees per liter, diesel at 196 rupees per liter, and an LPG gas cylinder at 2,126 rupees.
Sharp rise in petroleum product prices
According to the Nepal Oil Corporation, increasing tensions in the Middle East and West Asia have led to a rapid rise in international petroleum product prices in recent days. This directly impacts the supply system. The corporation stated that in countries like Nepal, which do not produce petroleum, changes in global market prices directly reflect in domestic rates. Previously, international circumstances had also affected the supply system, and the corporation faced difficulties in making payments to the Indian Oil Corporation.
Gratitude expressed to Indian Oil Corporation
The Nepal Oil Corporation has expressed gratitude to the Indian Oil Corporation for maintaining a continuous supply of petroleum products to the country even in the current times. The corporation stated that this price adjustment was made considering the current international market situation to ensure an uninterrupted supply of petroleum products within the country.
