Petrol price hiked in Nepal; reaches all-time high of NPR 170 per liter

The board of directors of state-owned petroleum importer NOC decided to increase the price by 10 paise after which a litre of petrol would cost NPR 170

The Nepal Oil Corporation (NOC) on Saturday raised the petrol prices in the country by 10 paise a litre effective past midnight today in a move that will make fuel prices reach a new all-time high in the Himalayan nation.

The board of directors of state-owned petroleum importer NOC decided to increase the price after which a litre of petrol would cost NPR 170, while diesel and kerosene would cost NPR 152 Nepali rupees per litre.

"A meeting of Board of Directors of Nepal Oil Corporation (NOC) chaired by Commerce Secretary Dr Ganesh Prasad Pandey decided to take the decision to this effect. The decision has been made during the NOC board of directors meeting held today," NOC spokesperson Binit Mani Upadhyaya said.

The NOC, however, has not made any changes in the price of LPG gas. The decision to make a sharp hike in the prices of petroleum products comes a day after the local election was held on Friday.

Earlier on 14 March 2014, the NOC had hiked the fuel price to 140 rupees per litre after which the fuel prices had remained low for a number of years due to the global decline in oil prices.