Fuel prices will hit a new record high tonight. The price of petrol will increase by more than Nu 10 per litre in Thimphu, while diesel will rise by more than Nu 17. The new price will be implemented starting at midnight.
In Thimphu, petrol will reach Nu 95 a litre, while diesel will hit a new record high of Nu 100 a litre.
The price of petrol is Nu 84 per litre and Nu 83 per litre for Diesel as of today.
Crude oil prices were already increasing with rising demand from consumers and businesses recovering from COVID disruptions across the globe. But as per international media, the prices at the pump also soared rapidly after Russia invaded Ukraine last month.
Bhutan’s fuel price is dependent on India since Bhutan directly imports fossil fuel products from India. The Indian fuel price is however determined by international oil price as well as the dollar-rupee value, as India imports oil.
The price of crude oil has decreased to 100 US dollars per barrel yesterday. It was USD 139 per barrel, the highest in the last 14 years.