June 26: Nepal Oil Corporation (NOC) has decided to slash the prices of petroleum products effective from June 26 following a cabinet decision on Saturday.
A meeting of the Council of Ministers on Saturday decided to reduce the prices of petrol, diesel and kerosene, said Minister for Industry, Commerce and Supplies Dilendra Prasad Badu.
As per the decision, NOC has reduced the price of petrol by Rs 20 per litre, diesel and kerosene by Rs 29 per litre.
With this decision, petrol will now cost Rs 179 per litre while diesel and kerosene will cost Rs 163 per litre each.
Minister Badu said that the excessive hike of fuel prices had affected the general public and the government acted to provide some relief to the people. He said that the government decided to lower the fuel prices by reducing the taxes imposed on petroleum products.
The coalition parties had held a meeting chaired by Prime Minister Sher Bahadur Deuba on Saturday morning to discuss the impact of excessive hike in prices of fuel on the general public. The government decided to adjust the fuel prices after the meeting in order to give respite to the people.
The meeting was also attended by the secretaries of the respective ministries and high ranking officials of the Nepal Oil Corporation, the state-owned oil enterprise which enjoys monopoly in import and distribution of petroleum products.
Minister Badu added that the government has also decided to encourage the use of electric stoves and vehicles to decrease the consumption of petroleum products and cooking gas. The use of electric appliances and vehicles in government offices in accordance to the provision in the budget will be implemented acting on recommendation by a high level taskforce formed under the leadership of National Planning Commission Vice-chair. Government offices will use electric vehicles while fuel-run old and heavy vehicles will be converted into electric ones, added Minister Badu.