KATHMANDU: Finance Minister Dr. Swarnim Wagle has said that prices of diesel, petrol, and other petroleum products, which had risen due to the West Asia conflict, are expected to ease in the coming days, although the impact will take time to be reflected in the domestic market.
Responding to questions raised by lawmakers on the Finance Bill, 2083, during Sunday’s meeting of the House of Representatives, he said that with the easing of tensions in the Middle East, international fuel prices have already started to decline.
However, Minister Wagle noted that despite the drop in international prices, the effect has not yet been reflected in Nepal due to the import process through the Indian Oil Corporation, which creates a time lag.
He said that while it will take some time for the price reduction to be fully reflected, petroleum prices are on a downward trend.
“The situation in the Middle East led to a rise in fuel prices, increasing the burden on consumers. Within two weeks of assuming office, we reduced this burden by providing a 50 percent discount on customs duties on the import of diesel, petrol and kerosene, as well as reducing the infrastructure development tax on diesel and petrol,” he said.
“Now the situation in the Middle East is improving, and crude prices have already started to fall. However, since we import fuel through the Indian Oil Corporation, it will take some time for the effect to be reflected in Nepal,” he added.
Minister Wagle also claimed that he took immediate steps to reduce fuel prices shortly after assuming office.
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