Consumers in Nepal can expect some relief at the pumps after the state-owned Nepal Oil Corporation announced reductions in fuel prices effective from Thursday.
In a statement released Wednesday, the Corporation said it is reducing the price of petrol by 7 Nepali rupees per liter, while prices for diesel and kerosene will be cut by 5 rupees per liter.
The price changes will go into effect after midnight on Wednesday.
The decisions brings the new maximum retail price for petrol down to 171 rupees ($1.33) per liter from the previous 178 rupees. Diesel and kerosene, which previously peaked at 159 rupees, will now cost 154 rupees per liter.
The Corporation cited lower prices for petroleum products imported from India as the primary reason for the reductions in pump prices across Nepal.
The fuel price cuts come as a welcome development for consumers grappling with high inflation and rising costs of living. Transportation and commodity prices are expected to decrease as a result of the cheaper fuel costs.
Motorbikes, small automotive vehicles and trucks are the primary modes of transportation in the mountainous Himalayan nation, making fuel prices a nationally significant issue that impacts most households and businesses.
The new prices are the lowest in several months after rates hit record highs last year due to the spike in global oil prices following Russia's invasion of Ukraine.
