Fuel prices in Nepal have been sharply increased amid the ongoing escalating conflict in West Asia involving Iran, Israel, and the United States, with authorities citing rising international rates and supply concerns. The decision to raise the prices of petroleum products was taken during a late-night meeting of the Nepal Oil Corporation on Sunday.
The West Asia conflict began after the US and Israel launched a major military attack on Iran on February 28, killing 86-year-old Supreme Leader Ali Khamenei. Iran, in retaliation, attacked several Gulf nations hosting American military bases. The escalation has disrupted shipping through the Strait of Hormuz, a key global energy corridor, impacting international oil supplies, energy markets, and global economic stability.
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According to a press release issued by the corporation, the move was necessitated by the surge in global fuel prices and growing challenges in supply management. The revised rates came into effect from 12:00 am on March 16.
Under the new price adjustment, petrol prices have been increased by Rs 31 per liter, diesel by Rs 54 per liter, and LPG by Rs 296 per cylinder. Following the hike, the price of petrol has been fixed at Rs 188 per liter, diesel at Rs 196 per liter, and LPG at Rs 2,126 per cylinder.
The Corporation said that, in recent times, escalating tensions in the Middle East and West Asia have led to a sharp rise in the prices of petroleum products in the international market, thereby placing increased pressure on the supply chain.
Nepal expresses gratitude to Indian Oil Corporation
The press release further noted that for a non-petroleum-producing nation like Nepal, price hikes in the international market have a direct and immediate impact. In the past as well, global circumstances had similarly disrupted the supply system, causing the Corporation to face difficulties in making payments to the Indian Oil Corporation.
The Corporation has expressed its gratitude to the Indian Oil Corporation for continuing to ensure a steady supply of petroleum products to Nepal, even amidst the current challenging circumstances.
The Nepal Oil Corporation affirmed that, in light of the prevailing conditions in the international market, this price adjustment for petroleum products has been implemented with the objective of maintaining a smooth and uninterrupted supply system.
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