State monopoly Nepal Oil Corporation (NOC) said in a statement that the price of a liter of petrol was raised by 5.8% to 180 Nepalese rupees ($1.45) from Rs 170 a week ago.
see photosRetail petrol prices have increased by around 30% this year and diesel and kerosene by 33% this year
Nepal’s state-run oil company has hiked retail prices for fuels including petrol and cooking gas by up to 12.5% on account of rising oil prices globally, an official said on Monday, further pushing consumer inflation higher. will be extended. State monopoly Nepal Oil Corporation (NOC) said in a statement that the price of a liter of petrol was raised by 5.8% to 180 Nepalese rupees ($1.45) from Rs 170 a week ago. It said that the price of a 15.4 kg LPG cylinder increased by 12.5 per cent to Nepalese Rupees 1,800 from Rs 1,600 earlier.
Nepalese people are facing a spurt in food and energy prices as annual retail inflation hit a five-year high of 7.28% in the month to mid-April and fuel prices this month saw two spikes within two weeks. The bar may increase further after it is revised.
Rising inflation in the poor Himalayan nation of 2.9 million risks social unrest as imports of goods such as fuel, coal and edible oil become expensive.
According to data from the NOC website, retail petrol prices have increased by around 30% this year and diesel and kerosene prices by 33%, while cooking gas prices have increased by 14%.
“It comes down to us very hard,” said 38-year-old Geeta Pokharel, a housewife from Kathmandu. “Those who have payments can pay but what about those who can’t,” he asked.
Unlike Sri Lanka, Nepal has enough foreign exchange reserves to cover almost six months’ worth of imports, but could be in trouble if global oil and food prices remain high for a long time due to the war in Ukraine.
According to data from the NOC website, retail petrol prices have increased by around 30% this year and diesel and kerosene prices by 33%, while cooking gas prices have increased by 14%.
The government has banned imports of luxury goods several times this year to curb capital inflows amid dwindling foreign exchange reserves and hiked fuel prices – down 18.2% from mid-July to mid-April to Rs 9.61 billion Dollar is gone.
Former central bank governor Deependra Bahadur Kshetri said that if prices continue to rise, inflation may rise to double digits by mid-July this year.
“If the government wants to give some relief to the poor people then it should open mobile fair price shops and supply essential goods to the consumers at reasonable prices.”
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