KATHMANDU, Oct 25: Nepal’s state-owned monopoly oil company on Thursday hiked prices as much as 22 per cent to meet a rising import bill in the landlocked Himalayan nation that depends on India for all supplies.

“The price of petrol, diesel, kerosene and cooking gas has been increased with effect from Thursday to minimise losses and keep pace with global costs,” Icchha Bikram Shah, spokesman at Nepal Oil Corp told AFP.

The company raised petrol prices by 9 per cent, diesel by 5 per cent, kerosene by 6 per cent and gas used for cooking by 22 per cent.The price of fuel used by airlines was unchanged.

“The price hike was necessary as we were unable to meet the import costs,” Shah said.—AFP