The Nepal Oil Corporation has increased the prices of petroleum products by up to ₹15 per litre due to rising international market rates driven by escalating tensions in West Asia.
The price of petrol has become dearer by ₹15 per litre, while diesel and kerosene have been raised by ₹10 per litre.
The adjustment was necessary following a rise in global oil prices amid growing geopolitical uncertainties in West Asia, a region that supplies a significant portion of the world's crude oil.
Nepal relies entirely on imported petroleum products and imports them from the Indian Oil Corporation under a long-term agreement.
Heightened tensions in West Asia have pushed up international fuel prices and increased the cost of imports for countries like Nepal.
Economists warn that higher fuel prices could further increase transportation costs and add pressure on inflation in the coming weeks.
