Fuel prices hiked in Nepal

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Kathmandu, June 10 : The Nepal Government has raised the prices of major petroleum products in a range of 9 to 27 per cent.

The decision was taken after major political parties in the Constituent Assembly (CA) gave the green signal.

As per the decision, the price of petrol has been increased to Rs 100 per litre from Rs 80. Likewise, the price of diesel and kerosene has been increased to Rs 70 and Rs 65 per litre, respectively.

The price of cooking gas per cylinder has been increased from Rs 1100 to Rs 1200 (for Kathmandu valley) and Rs 1180 (for outside Kathmandu).

"The Government has also decided to provide an additional Rs one billion to Nepal Oil Corporation (NOC) to step up import and pump as much fuel into the market as possible," Kantipur quoted Commerce Ministry Secretary Purushottam Ojha as saying.

The Government has also decided to cut import duty on petroleum products in a bid to lower financial losses for the Nepal Oil Corporation. Duty has been slashed by seven per cent on petrol imports, 31.25 per cent on diesel, 23 per cent on kerosene and 25.9 per cent on cooking gas.

It has also lowered local development tax on fuel by 33 per cent and announced a 20 per cent cut on privileges granted to government ministers and other officials by the state.

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