Nepal’s state-owned oil company hiked retail prices for fuels, including petrol and cooking gas, by up to 12.5 per cent as a result of rising global oil prices, an official said on Monday.
State monopoly Nepal Oil Corporation (NOC) said in a statement that the price for one litre of petrol was raised 5.8 per cent to 180 Nepali rupees ($1.45) from 170 rupees a week earlier.
The price for a 15.4 kg cylinder of cooking gas was increased 12.5 per cent to 1,800 Nepali rupees from 1,600 rupees earlier, it said.
The rising fuel prices will inevitably put upward pressure on inflation, which was running at five year high of 7.28 per cent for the year through mid-April.
