Nepal Slashes Fuel Prices Amid Global Peace Progress

Nepal has reduced fuel prices significantly in response to a drop in global prices due to progress in U.S.-Iran peace talks. The Nepal Oil Corporation announced cuts in petrol, diesel, and cooking gas prices. This reduction follows favorable supply prices from the Indian Oil Corporation.

Nepal has announced a major reduction in fuel prices, slashing costs by up to 17% as global prices begin to stabilize. This move comes in response to decreased fears of supply disruptions amid encouraging developments in U.S.-Iran peace talks. The state-owned Nepal Oil Corporation revealed the cuts in an official statement, noting significant reductions across petrol, diesel, and cooking gas prices.

Jet fuel costs also saw notable decreases, with prices for domestic flights reduced by 14.8% and international flights departing from Kathmandu by 14.47%. The price cuts were even more substantial for jets departing from Pokhara and Bhairahawa. This development is largely attributed to the retreat in oil prices from recent highs as the geopolitical climate shows signs of improvement.

The benchmarks for Brent and U.S. West Texas Intermediate have returned to levels seen before the U.S.-Israeli conflict with Iran, signaling a potential stabilization in the market. The Nepal Oil Corporation attributed these changes to favorable supply prices from the Indian Oil Corporation, received earlier in the week.