Crude Oil Prices Drop Globally, Fuel Prices in Nepal Likely to Decrease

A significant decline in global crude oil prices has raised hopes of cheaper fuel in Nepal. According to recent data, the price of WTI crude oil has fallen to $56.96 per barrel, while Brent crude is trading at $60.29 per barrel and Murban crude at $61.56 per barrel. This marks a notable drop from the $60 per barrel range observed just days ago.

Analysts attribute this decline to the recent trade policies introduced by U.S. President Donald Trump, particularly the imposition of new tariffs. These measures have reportedly sparked tensions in global trade, reducing demand for crude oil and pushing prices downward. Additionally, the United States’ preparations to release its oil reserves into the global market are expected to increase supply, potentially driving prices even lower.

The global oil market has experienced dramatic fluctuations in recent years. Following the Russia-Ukraine war, crude oil prices had soared to as high as $140 per barrel. However, the current downward trend could pose challenges for oil-producing nations under the OPEC umbrella while offering relief to consumer countries like Nepal.

In Nepal, this drop in international crude oil prices is anticipated to positively impact the cost of petroleum products such as petrol, diesel, and kerosene. Market experts suggest that the Nepal Oil Corporation may soon adjust fuel prices downward, providing much-needed relief to consumers. With this development, Nepalis can look forward to more affordable fuel in the near future.