By Our Reporter
The government has been increasing the fuel price almost every other week citing the rise in prices of fuel in the international markets.
Surprisingly, the import of petroleum products has also increased significantly in the first six months of the current fiscal year, which means Nepal spending more to import expensive fuel.
The import of petroleum products has risen by 101 percent in the first six months of the current fiscal year compared to the same period last fiscal year.
Petroleum products worth Rs. 132.19 billion was imported in the first six months of the current fiscal year against Rs. 65.67 billion during the same period last fiscal year 2021/22, according to the statistics of the Department of Customs.
The country imported petroleum products worth Rs. 175.53 billion in the last fiscal year 2021/22.
The statistic shows that the import of petrol in terms of quantity has increased by 30 per cent, diesel by 10.23 per cent and liquefied petroleum gas (LPG) by 15 per cent during the review period.
About 371,820 kilolitres of petrol worth Rs. 29.27 billion, 830,273 kilolitres diesel worth Rs. 61.43 billion and 2,346,816 kilolitres of aviation fuel worth Rs. 5.33 billion have been imported during the first six months of the current fiscal year.
Similarly, about 8,252 kilolitres of kerosene is worth Rs. 646 million and 264,604 tonnes of liquefied petroleum gas (LPG) worth Rs. 29.23 billion were imported during the review period.
The share of petroleum products in total import trade is 13.2 per cent.
The fuel consumption has been increasing at around 10-12 per cent annually.
A significant increase in fuel price in the international market is also becoming a challenge to limit the country’s trade deficit.
International crude oil prices rose steadily to around USD 91 a barrel while it was around USD 71 per barrel in mid-July, 2021.
And an increase in fuel price leads to an increase in the prices of every item as the transportation cost goes up.
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