KATHMANDU, March 15: The Nepal Oil Corporation (NOC) has increased the prices of petroleum products, citing rising international market rates driven by escalating tensions in the Middle East.
According to the state-owned fuel supplier, the price of petrol has been increased by Rs 15 per litre, while diesel and kerosene have been raised by Rs 10 per litre. The NOC said the revised prices came into effect on Saturday night.
NOC lowers diesel and kerosene prices, hikes petrol price
NOC officials said the adjustment was necessary following a rise in global oil prices amid growing geopolitical uncertainties in the Middle East, a region that supplies a significant portion of the world’s crude oil. Heightened tensions there have pushed up international fuel prices and increased the cost of imports for countries like Nepal, which relies entirely on imported petroleum products.
The NOC imports petroleum products from the Indian Oil Corporation under a long-term agreement. Any fluctuation in global oil prices is reflected in the revised price list sent by the Indian supplier.
Instability in the Middle East often triggers volatility in global oil markets as fears of supply disruptions push prices higher. Nepal, which depends on fuel imports, frequently adjusts domestic prices to reflect changes in the international market.
The latest price hike comes at a time when consumers are already facing concerns over fuel supply and rising costs of essential commodities. Economists warn that higher fuel prices could further increase transportation costs and add pressure on inflation in the coming weeks.
