Nepal Oil Corporation has increased the price of petroleum products. The corporation has increased the prices of diesel, kerosene and petrol with effect from 12 noon on Tuesday, said Puskar Karki, co-spokesperson of the corporation. At the same time, the price of petroleum has remained high till now.
According to the corporation, the price of petrol has gone up to Rs 160 per liter and diesel / kerosene to Rs 143 per liter. Similarly, the price of LP gas has also been increased to Rs 1,600 per cylinder.
Aviation fuel (domestic) has been increased by Rs. 5 per liter to Rs. 156 per liter and aviation fuel (international) by Rs. 50 per kg. US ५ 1,545 has been fixed.
The corporation, which has incurred tens of billions in losses from the petroleum trade, said the international market price of petroleum products remained high due to the ongoing war between Russia and Ukraine and increased the prices of diesel, petrol and kerosene after the Indian Oil Corporation (IOS) ran out of funds. According to the adjustment, the estimated monthly loss of the corporation will be around Rs. 9.27 billion.
A meeting of the Board of Directors of the Price Stabilization Fund under the Government of Nepal held on Tuesday has decided to provide Rs. 4.2 billion.
Tax range is high
The range of taxes levied by the government on diesel, kerosene and LP gas is also high. According to the corporation, customs duty, customs service fee, road maintenance, infrastructure development, price stabilization fund, environment and value added tax are added. The burden of all these taxes is on the consumer. Taxes, shipping and dealer's commission and administrative costs are also linked to the customer. The government has been ignoring the demand for adjustment in Nepal along with the price hike in the international market.
Hari Prasad Mainali, secretary of the Consumer Interest Protection Forum Nepal, says that it is not justifiable to levy excessive taxes. "As soon as the price of petroleum goes up, it will affect a lot of people. That increases the value of everything that is shipped.It seems that the tax on petrol should be reduced and it should be balanced by increasing the tax on items which are considered unnecessary, 'said Secretary Mainali. There was no progressive tax system. Due to which pricing is not consumer friendly. Excessive petrol tax is illegal and immoral. It must be exempted by raising other people's taxes. “
