Nepal raises retail fuel prices

Nepal's state-owned oil company hiked retail prices for fuels, including petrol and cooking gas, by up to 12.5% 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% 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% 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% for the year through mid-April. ($1 = 124.2100 Nepalese rupees)

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