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Fuel prices drop on New Year

The fuel prices in the country dropped from midnight yesterday.

After reaching the highest point in 2018, this is the fifth consecutive drop.

Since October 16 last year, when the country experienced highest petrol price at Nu 73.04 a litre and Nu 72.85 a litre for diesel, petrol price dropped to about Nu 19 and diesel by about Nu 17.

After midnight yesterday, the petrol price in Thimphu dropped by Nu 1.79 a litre and Nu 1.76 a litre in Phuentsholing.

Diesel price dropped by Nu 1.33 a litre in Thimphu, and Nu 1.32 in Phuentsholing.

A litre of petrol now cost Nu 53.89 and diesel Nu 55.82 in Thimphu. Last year, the country witnessed the lowest diesel price at Nu 53.42 a litre.

According to Indian media reports, various factors impact the price of fuel. The decline in the fuel rates could be because of fall in international oil prices and appreciation of Indian rupee. “When international crude oil prices gain, prices in India move higher.”

The fuel prices in the country are revised every fortnight. This is because of the global oil price fluctuation.

Last year, there were 13 increases and 10 reductions in the price of petrol, 14 increases and nine reductions in diesel price.

Meanwhile, the kerosene price increased by about 25 to 27 chheltrums a litre depending on the region.

A litre of kerosene now costs Nu 35.27 in Thimphu.

According to the first annual environmental accounts published by the National Statistics Bureau, Bhutan spent about Nu 8.97B (billion) on import of fuel in 2016, rise by approximately 13 percent from 2015.

In the same year, the country imported 359.60 million litres of petrol, 338.81M more than in 2015.

Similarly, import of diesel increased by 4.46 percent in 2016 as compared with 4.11 percent in the previous year. Bhutan imported about 127.54M litres of diesel in 2016.

The report states that the use of petrol grew by six percent in 2016, while that of diesel increased by five percent.

Staff Reporter

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