Kathmandu: In a significant development, the cost of petroleum products has witnessed an increase, impacting consumers across Nepal. The price adjustments, as announced by the Nepal Oil Corporation (NOC), entail a rise in petrol prices by Rs. 4 per litre, diesel and kerosene by Rs. 3 per litre, and a notable increment of Rs. 235 per cylinder for Liquid Petroleum (LP) gas.

The revised prices, as per the NOC's notification, will take effect from midnight today, signaling a shift in the economic landscape for fuel consumers in the country.

The NOC has issued a statement attributing the escalation in petroleum product prices to a corresponding rise in prices from the Indian Oil Corporation (IOC), a key supplier of fuel to Nepal.

The latest price list communicated by the IOC to Nepal reflects a surge of Rs. 3.17 per litre for petrol and Rs. 2.48 per litre for diesel. Furthermore, the price of LP gas has experienced a substantial hike of Rs. 186.45 per cylinder.

The dynamics of fuel pricing, intricately linked to global market trends and regional supply chains, have prompted these adjustments in line with international economic forces.

As the price hikes take effect, consumers across Nepal will need to adjust their budgets accordingly to accommodate the altered cost of these essential commodities. The price adjustments, while challenging for consumers, underscore the complex interplay of factors that influence the cost of fuel and its subsequent impact on daily life and the broader economy.