Banking News- The Nepal National Federation of Transport Entrepreneurs has urged the government to revise public transportation fares under the automatic fare adjustment mechanism following the recent reduction in petroleum prices.

The request comes after Nepal Oil Corporation reduced fuel prices effective Wednesday morning, cutting the price of petrol by Rs. 20 per litre and diesel and kerosene by Rs. 30 per litre.

Federation President Punya Prasad Sitoula called on the government to implement fare adjustments in accordance with the established automatic pricing system.

“Public transport fares should be adjusted transparently, scientifically, and objectively in line with fluctuations in petroleum prices,” Sitoula said. He added that while fare increases are implemented promptly when fuel prices rise, delays in reducing fares after fuel prices decline create confusion for both passengers and transport operators.

Sitoula also stressed that public transport fare determination should not be based solely on fuel prices. He said authorities should also take into account vehicle operating costs, maintenance expenses, insurance premiums, workers’ wages, spare parts prices, banking costs, and broader economic indicators through a scientific evaluation process.