Government rolls back petroleum products’ prices

Ministry of Commerce and Supplies today rolled back prices of petroleum products announced last week, following the weeklong students’ protest.
Nepal Oil Corporation — directed by the ministry — reduced price of petrol by Rs 3 per litre, diesel and kerosene by Rs 4 and cooking gas by Rs 85 per cylinder to be effective from today. Petrol will now cost Rs 112 per litre, diesel and kerosene Rs 81 per litre and cooking gas Rs 1,415 per cylinder in the market, according to minister for commerce and supplies Lekh Raj Bhatta.
The government had on January 18 decided to jack up prices of all petroleum products due to the extreme volatile international market and massive loss of the state oil monopoly, according to the minister.
In the sharpest ever one-time increase, the state oil monopoly decided to jack up the price of petrol by Rs 10, diesel and kerosene by Rs 9 and cooking gas by Rs 175. The state oil monopoly had fixed he rate of petrol Rs 115 per litre, diesel and kerosene Rs 85 per litre and cooking gas Rs 1500 per cylinder in the market.
“The government had increased prices by about 10 per cent but is scaling that back to about a five per cent increase,” minister Bhatta said.