Government rolls price hike in petroleum products back

Government rolls price hike in petroleum products back

Bowing to the pressure, the government has partially rolled back price hike in the petroleum products today. Addressing the legislature-parliament, minister for Forest and Soil Conservation Mahesh Acharya in the capacity of finance minister informed that the government decided to reduce price hike in petrol by Rs 5.50 per liter and diesel and kerosene by Rs 4.50 per liter. Diesel and kerosene will now cost Rs 105.50 per liter each, while petrol will be available for Rs 134.50 per litre, according to the new price. Instead of reforming the fuel business and Nepal Oil Corporation (NOC), the price hike and roll back could not give any permanent solution as again in a month, the NOC will be unable to pay its supplier Indian Oil Corporation (IOC) and there will be fuel shortage. The state oil monopoly has increased the petrol price by Rs 10 per liter and diesel and kerosene by Rs 6 per liter each a week ago.
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