Nepal Oil Corporation has increased the prices of petroleum products effective from Monday evening, citing increased prices in the global market. As a result, there is growing panic among citizens, with the expectation that the prices of many consumer goods and services will increase.
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The tensions in West Asia following the US and Israel's attack on Iran have raised concerns about the safety of citizens in far-flung countries. At the same time, there has been a shortage of petroleum products and cooking gas. Especially since the tension has arisen in the Strait of Hormuz, where about 20 percent of the world's crude oil and natural gas flows, such shortages have become more acute.
Which has created a situation where the prices of petroleum products and gas have increased. Like in many countries around the world, customers in Nepal have started experiencing shortages and price increases. The Nepal Oil Corporation has increased the prices of petroleum products effective from Monday evening, citing the increase in prices in the global market. As a result, the prices of many consumer goods and services are expected to increase, which has increased fear among citizens. Therefore, the government's confident role and strong monitoring are indispensable at this time to prevent artificial shortages of goods.
The current tension has arisen after the US and Israel attacked Iran and Iran's counterattack on Gulf countries where US military bases are located. As the attacks and counterattacks continue, it is not possible to assess how far the current tension will spread.
However, its effects have spread all over the world. Although Nepal is a country affected by this tension, we cannot direct this tension, we can only wish for peace and appeal for the resolution of disputes between countries through mutual dialogue. We can remind the past that no war ever gives positive results and war is not recorded as a positive experience in any sense. War creates a chain of casualties, displacement, separation, damage to public infrastructure, uncertainty about the future of children and retaliation. At the same time, citizens of neighboring countries who have nothing to do with the war also have to face many hardships. For example, there is currently a shortage of oil and gas in many countries.
There is very little we can do in the context of shortages caused by international tensions and problems. At that time, we can use scarce goods sparingly and push back the inconvenience of shortages. Or, we can adopt alternative measures as much as possible. For example, if there is a shortage of gas at the moment, cooking on an induction stove can be an option. For that, the government can adopt options such as incentives, subsidies or concessions in the price of electricity. In the current situation where electricity supply is regular and there is no fear of load shedding, increasing the use of electricity is also in the long term interest. Because it helps reduce gas imports. On the other hand, when more and more households use induction stoves, gas is more likely to be available even in times of shortage.
After the news of a shortage of any item, citizens tend to collect more and more of such items. Therefore, the demand for that item in the market immediately increases. When there is more demand in the market, there is a shortage and price increase for some time. The situation with gas is similar at the moment. Citizens want to buy more as much as they can. On the other hand, traders and businessmen also show a tendency to hide goods before the natural time when there may be a shortage. On Monday alone, it was revealed that more than 6,000 cylinders of gas were found stocked in the depot of Shriram Gas Industry in Harisiddhi. The market monitoring team led by the Department of Commerce, Supplies and Consumer Protection has also imposed a fine. When consumers hoard more goods than they need or when traders and businessmen create artificial shortages, the impact of shortages is seen quickly.
Nepal Oil Corporation has claimed that there has been no problem in gas imports so far. According to the corporation's own data, 9,755 tons more gas has been imported in the same period this year compared to the same period of the previous fiscal year. If the consumer's mindset and market cycle are as normal, there should be no shortage. However, it is happening. Because both the consumer's mindset and the market cycle are disrupted. If this situation continues, the prices of many consumer goods will increase in the coming days. The role of all three levels of government is indispensable at such times.
They should be able to assure the citizens of the regular availability of goods. Or, the government should facilitate alternatives. On the other hand, surveillance over the market should be increased at such times. There should be a readiness to take legal action against those who create artificial shortages and charge higher prices from the citizens.
