Global oil prices tumble, but Nepal unlikely to see major fuel price cuts soon
Summary
Global crude oil prices have fallen sharply after a US-Iran interim agreement, but Nepali consumers are unlikely to see major fuel price cuts soon due to supply constraints and refinery damages.
Key Points
- International crude oil prices have dropped to the lowest levels since before the Iran conflict, easing economic pressures globally.
- Despite falling global oil prices, Nepal Oil Corporation expects only slight reductions in petrol, diesel, and aviation fuel prices.
- LPG prices remain unchanged due to high demand and limited production, with the NOC incurring significant losses on LPG sales.
- The government warns that it will take time for lower international prices to be passed on to Nepali consumers amid supply challenges and inflation concerns.
