Surging fuel prices hit Nepal’s economy. It’s time to take a greener turn

Nepal Oil Corporation , the government-run fuel distribution monopoly, on February 16 said it was going to face a monthly loss of Rs 5 billion as per the current market rates of the fuels. This came as a shock to many because the price of petroleum products had been going up regularly as the price of petrol had peaked at Rs 142/litre just before that.

The rise in fuel costs always causes uproar in the country because it has a ripple effect on all sectors. Following the hikes in fuel prices twice this month , the cost of vegetables has gone up making life difficult for those living on minimum wage. Economists say it will have an impact on every sector of the national economy, suggesting it is about time the country sought alternatives.