Student unions in Nepal took to the streets to protest against the recent hike in the price of petroleum products and demanded the withdrawal of the hike. Protesters including the Nepal Students Union, Free Nepal Students Union, Independent National Union of Nepal Students (revolutionary) and other student unions surrounded the society office on Wednesday after midday and chanted slogans.
“The rise in the price of oil for everyone, especially for the middle class family, means an increase in the price of all products consumed on a daily basis. This is not today’s problem, the price of oil has been increased every time under pretense of some conflict or uncomfortable situation across the world Unnecessary taxes levied by Nepal Oil Corporation or others, the activities we perform from the beginning of our day till the hour bedtime were very impacted,” Ashish Sapkota, a law student undertaking graduation in Kathmandu told ANI. The state monopoly raised the prices of gasoline, diesel, kerosene, aviation fuel and cooking gas on Sunday. The Nepal Oil Corporation (NOC) has increased the prices of gasoline, diesel kerosene and aviation (domestic) fuel by 10 Nepali rupees per litre.
Similarly, the price of cooking gas has been increased by 200 Nepalese rupees per bottle. With the new price list, gasoline costs 180 Nepalese rupees per liter and 163 Nepalese rupees per liter for diesel and kerosene while Nepalese rupees costs 166 Nepalese rupees per liter for domestic aviation fuel. Earlier on May 14, the state monopoly raised the prices of petrol, diesel and kerosene by 10 Nepali rupees per litre.
Following the overhaul, gasoline will now cost NRs 180 per litre, while diesel and kerosene will cost NRs 163 per liter each. LPG will cost 1,800 Nepalese rupees per cylinder. According to NOC, he buys gasoline at 194.64 Nepalese rupees per litre, diesel at 189.82 Nepalese rupees per litre, kerosene at 140 Nepalese rupees per litre, domestic aviation fuel at 152.02 Nepalese rupees per litre, international aviation fuel at 131.19 Nepalese rupees per litre. , and LPG at 2,679.75 Nepalese rupees a bottle from the Indian Oil Corporation.
Despite rising fuel prices in the domestic market, the NOC said it would still face losses of NRs 14.64 per liter of gasoline and NRs 23.82 per liter of diesel. He will suffer a loss of 869.75 Nepalese rupees per cylinder of cooking gas. NOC further stated that its fortnightly losses, after the price review, would be 3.35 billion Nepali rupees, indicating a further rise soon.
In addition, the amount of 43 billion Nepalese rupees he has to pay to his supplier Indian Oil Corporation, in May, only 20.60 billion Nepalese rupees has been compensated so far due to lack of liquidity, said the public provider. He owes 22.40 billion Nepalese rupees to the Indian Oil Corporation. Earlier in January, the state monopoly declared bankruptcy despite fuel prices rising to near-record highs. The high cost of fuel is digging deeper into consumers’ pockets, and monthly consumer price inflation hit its highest level of 7.28% in the first nine months of the current fiscal year. is completed in mid-April.
The transportation and airline industry may increase ticket fares in accordance with the automatic pricing mechanism. As of this month, the government allows transporters to revise their tariffs if the price of fuel fluctuates by 5 Nepali rupees per litre. (ANI)
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