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Price hikes withdrawn

Ameet Dhakal

KATHMANDU: Faced with incessant protests for the last two days in the streets and in Parliament, the Nepal Government has decided to roll back the petroleum prices. An emergency meeting of the Cabinet held this afternoon ordered the state-owned Nepal Oil Corporation (NOC) to withdraw the price hikes. Protests had begun soon after the NOC announced increase in petroleum prices on Friday evening. Protesters brought vehicular movements to a halt in the capital and in many other cities demanding the roll back. The Government found itself in an awkward position when all the major parties, including Prime Minister Girija Prasad Koirala's Nepali Congress asked the Government to review the prices. Similarly, the House of Representatives passed a resolution on Sunday evening asking the Government to withdraw the hike. The House also adjourned its business on Sunday in protest. The NOC had raised the prices of petrol to Rs 52.5 and diesel and kerosene to Rs 37. The cooking gas price was fixed at Rs 625. The NOC says it is facing a monthly loss of over Rs 530 millions due to the soaring international prices.

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