KATHMANDU: A large amount of Nepali currency has gone out of the country in a period of one year only on import of petroleum products due to the increasing inflation and consumption. Data released by the Department of Customs shows that Nepal imported petroleum products worth Rs 320 billion 327 million 465 thousand from India […]
Soaring prices of goods and services have been a global phenomenon in recent months, especially after Russia’s disastrous invasion of Ukraine and the counter response of the Western allies against Russia in the form of economic sanctions. Most of the countries are now facing high rate of inflation triggered by skyrocketing prices of petroleum products. The impact of increased fuel price on the international market has already been felt in Nepali economy too as the inflation rate has already jumped to 7.87 per cent.
KATHMANDU: Lawmakers have called on the government to immediately make adjustments to the price of petroleum products as well as on other essential commodities. Taking part in the discussions on the proposal of urgent public importance in the House of Representatives on Friday, lawmakers emphasized the need of taking effective measures to providing relief to […]
The ongoing Russian invasion of Ukraine is most likely to have multiplier effects on Nepal, which is predominantly an importing economy.
Possibly, the most significant and direct impact of the invasion will be on gas and oil prices in which Nepal is completely dependent on other countries, resulting in rising inflation.
The price of petroleum products has been rising in the international markets and its impact has already been felt in the Nepali markets as well. The country’s biggest import is petroleum products. Its value will now increase automatically.
epal’s rate of inflation, the price of everything from salt to gold have been at all time highs. The country is witnessing a decline in manufacturing at home, and a growing dependency on imports. Nepal’s import bill for the last fiscal year reached a record Rs150 billion, of which more than 60% was for petroleum products. […]
