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Nepal Fuel Crisis: India’s neighboring countries Nepal Amidst the increasing fuel crisis, the government has taken a big decision, now a two-day weekend will be implemented in government offices and educational institutions. There will be holiday from Monday to Saturday and Sunday both. This announcement was made by government spokesperson and Minister of Education, Science and Technology, Youth and Sports Sasmit Pokharel after the cabinet meeting. He said that this decision has been taken in view of the ongoing constraints in petroleum supply.

According to the government, Ongoing war between Iran and Israel-America It has affected the global oil supply, which has also affected Nepal, where the price of petrol has reached 202 Nepali rupees per liter. Due to fuel shortage and rising prices, the government decided to reduce working days in offices and schools.

When will government offices open according to the new time?

• Saturday and Sunday – holiday
• Monday to Friday – working days
• Government office timings- 9 am to 5 pm

The new rule will also apply to educational institutions. However, it will not affect essential services.

Preparation to convert petrol-diesel vehicles into electric

Another big decision was taken in the cabinet meeting. The government will prepare a legal framework to convert petrol and diesel vehicles into electric vehicles. Its objective is to reduce fuel dependence and avoid future crisis.

Common people troubled by rising prices

After the price of petrol reached Rs 202 per liter in Nepal, financial pressure on common people has increased. Due to fuel shortage, transportation, schools and government services are also being affected.

Why is there a crisis of petrol, diesel and gas in the world?

• Tension in the Middle East: The increasing tension between Iran, Israel and neighboring countries has badly affected the oil supply chain. Insecurity in the Strait of Hormuz, through which about 20% of the world’s crude oil passes, has caused shipping companies to change their routes, increasing both costs and time.
• Prolongation of Russia-Ukraine War: Stringent sanctions imposed on Russia and drone attacks by Ukraine on Russian oil refineries have created a huge shortage of diesel in the global market. Europe is still struggling to find alternatives to Russian gas, causing natural gas (LNG) prices to skyrocket.
• Production cuts by OPEC+: OPEC+ countries led by Saudi Arabia and Russia have continued to cut production to keep crude oil prices high. Due to less supply than demand, the prices of Brent Crude in the international market have reached close to $100 per barrel.
• Reduction in Refining Capacity: Old refineries are closing around the world and investment in building new refineries has declined (due to the shift towards green energy). Because of this, the capacity to make petrol and diesel from crude oil is not increasing as per the demand.
• Dollar Strength and Inflation: Oil is traded in dollars in the international market. Due to the strengthening of the dollar, importing oil has become more expensive for countries like India, which is having a direct impact on the pockets of the general public in the form of increased prices of petrol and diesel.
• Climate Change and Policy Change: Many developed countries are moving towards ‘net zero’ target, due to which funding in new fossil fuel projects has reduced. This transition phase is creating energy shortages and price instability.