Nepal plans two government holidays to reduce fuel consumption

The Nepalese government is considering declaring a two-day vacation at a public sector office this month to reduce fuel consumption as the country fights the foreign exchange crisis and soaring petroleum products.

According to cabinet sources, the Nepal Rastra Bank and the Nepalese Petroleum Corporation have advised the government to give the government two days of government leave.

The Russia-Ukraine War, which has lasted for more than a month, has caused a significant rise in global oil prices due to the sanctions on Russian oil. Other major oil producers, Iran and Venezuela, are also facing sanctions on oil sales.

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Nepal, which relies on tourism, has experienced a slump in foreign exchange reserves after the COVID-19 pandemic stopped overseas travel.

Officials said the government’s advice is to sell fuel at subsidized rates and expect significant savings for the Nepalese Petroleum Corporation, which is suffering huge losses at current global rates.

Government spokesperson Gyanendra Bahadur Karki told the media that the government has so far made no decision in this regard.

A proposal was made, but he said it was under consideration.

To deal with the foreign exchange crisis, the Nepalese government has urged Nepalese people living abroad to open a dollar account at a domestic bank and invest.

Nepal has also stepped up imports of expensive cars, gold and other luxury cars to maintain declining reserves.

Mr. Kalki said the government is also considering whether tariffs on imported cars can be reduced. Nepal plans two government holidays to reduce fuel consumption

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