Kathmandu, June 29 -- International crude oil prices have fallen to their lowest levels since before the Iran conflict started in February-end, offering Nepal a significant economic cushion by easing inflationary pressures, reducing the country's import bill and improving the government's fiscal outlook.

Oil prices started declining after the US and Iran signed an interim agreement on June 17 to end the conflict and reopen the Strait of Hormuz, a crucial shipping route in the Persian Gulf.

Despite the sharp correction in global oil prices, however, Nepali consumers are unlikely to see significant relief in fuel or cooking gas prices when the Nepal Oil Corporation (NOC) revises rates on Tuesday.

"We are hopeful that petrol, diesel and a...