Nepal considers two-day govt holiday amid fuel crisis
Fuel prices have shot up in Nepal
Reports say the Nepal government is considering a two-day holiday in public sector units in order to reduce fuel consumption in the country.
Fuel prices have skyrocketed in the country due to the Russia-Ukraine war even as Nepal's foreign reserves has slumped nearly 35 per cent with its tourism industry badly hit due to the pandemic.
Reports claim Nepal's oil corporation has been selling fuel at subsided rates.
Also Read:Nepal bans imports of luxury items to prevent decline of foreign exchange reserves
Nepal's Oil Corporation had reportedly sent a proposal to the Industry ministry urging it toreintroducethe odd-even number system forvehicles amid the fuel shortage.
The country has been battling a trade deficit as the oil corporation proposed reduction of customs duty on fuel and also encourage the use of electric vehicles.
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Watch:Nepal's foreign exchange reserves hit amid pandemic
Reports say the prices of petrol in Nepal have increased over 31 per cent in the past year to Rs155 per litre which has hit the transport sector in the country.
Due to surging prices, petroleum dealers had earlier staged a protest. Amid the soaring fuel prices, the country has also experienced a surge in food prices in soybean and palm oil with inflation rising in the country.
Foreign remittances have also fallen in the past year by nearly six per cent as the government moved to impose stiff curbs on the import of luxury goods in the country.
(With inputs from Agencies)