Nepal hikes jet fuel to record high as Middle East war drives global surge
Summary
Nepal's state-owned oil monopoly has raised aviation fuel prices to a historic high due to soaring global energy costs triggered by the Middle East conflict, leading to expected increases in airfares for both domestic and international flights.
Key Points
- Nepal Oil Corporation increased aviation turbine fuel prices by up to 97.63 percent, reaching record highs.
- The surge in fuel prices is attributed to the ongoing Middle East conflict impacting global energy costs.
- Higher aviation fuel prices are expected to cause significant increases in domestic and international airfare.
- Nepal Oil Corporation is incurring financial losses due to the inability to fully adjust domestic fuel prices amid rising international petroleum costs.
