KATHMANDU, AUGUST 23

The Federation of Nepalese National Transport Entrepreneurs (FNNTE) has yet again expressed its concerns with the government for not revising the price of petroleum products even after their price has dropped three times in the international market.

Issuing a statement today, the federation has requested the government to revise fuel prices as the price of diesel has since decreased by Rs 33 per litre and petrol by Rs 34 per litre, respectively.

'Many transport entrepreneurs have been facing financial challenges in paying their arrears to the banks due to continuous increase in the price of petroleum products and COVID-19. This has made it harder for transport entrepreneurs to continue providing services at a low fare,' it reads.

The FNNTE also shared that the transport entrepreneurs are struggling to stay afloat because of the increase in vehicle tax, bank interest, and insurance fees, along with the increase in the price of vehicle parts and route permit adding that the government's decision to remain mum on revising fuel prices or fares have added further aggravated their woes.

Meanwhile, the Nepal Oil Corporation (NOC) is currently making a profit of Rs 2.78 per litre in petrol, while incurring losses of Rs 9.37 per litre in diesel, and Rs 499.57 per LPG cylinder. In the domestic market, petrol is priced at Rs 181 per litre, diesel at Rs 172 per litre, and LPG at Rs 1,800 per LPG cylinder.

The NOC had stated that it was in no position to reduce fuel prices as its estimated loss for this month would amount to Rs 1.26 billion.

A version of this article appears in the print on August 24, 2022 of The Himalayan Times.