The government has ordered Nepal Oil Corporation (NOC) to reduce fuel prices instantly in line with the decline in crude oil's price in the international market. Similarly, the Department of Transport Management (DoTM) has also been directed to reduce public transportation fares.
Stating that Nepali consumers have not been benefitting from the significant declines in international oil price, the Office of the Prime Minister and Council of Ministers (OPMCM) on Sunday wrote separately to the NOC and DoTM to slash fuel prices and revise public transport fares accordingly.
Though the crude oil price plunged to a 12-year low of $32 per barrel in the international market in January second week, Nepali consumers could not benefit from it as the responsible bodies did not slash the fuel prices and transport fares.
