US-Iran Ceasefire Crashes Global Oil Prices 16% : Will Nepal's Rs 202 Petrol Finally Drop?
Summary
The US-Iran ceasefire triggered a 16% crash in global oil prices, affecting Nepal's fuel costs, economy, and tourism sector, with the government responding by waiving customs duties on petroleum products.
Key Points
- President Donald Trump announced a two-week ceasefire between the US, Israel, and Iran, ending a conflict that disrupted global oil markets.
- Global oil prices crashed over 15% following the ceasefire, the largest single-day drop since the 1991 Gulf War.
- Nepal, highly dependent on oil imports from India, suffered significant economic losses including from the Nepal Oil Corporation and the tourism sector.
- Nepal's government announced a 50% waiver on customs duties for petroleum products, but the Nepal Oil Corporation has not yet adjusted domestic fuel prices despite the global price drop.
