The government has decided to raise the price of petrol by 10 rupees a liter. As a result, a large number of students, young people, and adult are protesting in front of Maitighar Mandala. They want the price of gasoline to be reduced. They also argue that the government should not pay such a hefty fee.
The Nepal Oil Corporation (NOC) hiked petrol rates in the country by 10 paise per litre effective beyond midnight Wednesday, bringing fuel costs in the Himalayan nation to a new all-time high.
The board of directors of state-owned petroleum importer NOC voted to raise the price, making a litre of gasoline NPR 170 and diesel and kerosene NPR 152 Nepali rupees.
“The decision was made during a meeting of the Board of Directors of Nepal Oil Corporation (NOC) led by Commerce Secretary Dr Ganesh Prasad Pandey. The decision was reached today at the NOC board of directors meeting “Binit Mani Upadhyaya, a spokeswoman for the NOC, stated.
The NOC, on the other hand, has not changed the price of LPG gas. The move to raise petroleum product prices dramatically comes only one
day after the municipal election on Friday.
The NOC had previously raised the gasoline price to 140 rupees per litre on 14 March 2014, after which fuel costs have stayed low for several years due to global oil price declines.
Following a substantial spike in the price of crude oil, oil marketing corporations have raised the prices of gasoline and diesel after a four-month hiatus. Brent oil prices have risen 45 percent to $118.5 per barrel, up from $81.6 per barrel when OMCs last raised gasoline prices. India imports over 85% of its crude oil needs.
Normally, the price of gasoline and diesel is adjusted daily based on a 15-day rolling average of petroleum product benchmark prices when the Centre announced a Rs 5 per litre drop in excise tax on petrol and a Rs 10 per litre fall in excise duty on diesel, oil marketing corporations kept both fuel prices steady.