Nepal, June 28 -- The government appears reluctant to reduce prices of petroleum products in the domestic market of Nepal despite fuel prices hitting three-month low in the international market.
Global oil prices have fallen dramatically following the opening of the Strait of Hormuz, according to media reports.
International media reported that despite clashes between the US and Iran, shipping routes are expected to gradually resume, pushing Brent crude down to $72 per barrel-a level last seen before the war in late February. This is a price similar to that recorded on the eve of the war in late February.
However, Nepal Oil Corporation (NOC) has remained firm to keep the fuel prices intact at the level when the price in the internati...