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The price of gold has dropped by Rs 1,300 per tola in the domestic market on Tuesday.

According to the Federation of Nepal Gold and Silver Dealers’ Association, the yellow metal is being traded at Rs 106, 600 per tola today. It was traded at Rs 107, 900 per tola on Monday.

Meanwhile, tejabi gold is being traded at Rs 106, 100 per tola. It was traded at Rs 107, 400 per tola.

Similarly, the silver is being traded at Rs 1,310 per tola today.

Chief Executive Officer of Millennium Challenge Corporation (MCC) Alice P. Albright paid a courtesy call on Prime Minister Pushpa Kamal Dahal on Tuesday.

During the meeting, the duo discussed various aspects of the Nepal-US cooperation including the MCC projects, the PM’s Secretariat said.

On Monday, the MCC CEO held a separate meeting with CPN-UML Chairman KP Sharma Oli, Energy Minister Shakti Bahadur Basnet and Minister for Physical Infrastructure and Transportation Prakash Jwala.

The leaders discussed the ways for the successful implementation of the MCC projects.

Currently, MCC CEO Albright is in Nepal to celebrate the MCC's entry into force.

Nepal are taking on India in the quarterfinals of the men's cricket tournament in the ongoing 19th Asian Games on Tuesday.

This is the first T20 international Nepal will be playing against cricket giant India.

Earlier last month, Nepal had played against India in the Asia Cup in Sri Lanka.

In the match, Nepal had lost to India by 10 wickets.

The Nepal Stock Exchange (NEPSE) gained 5.19 points to close at 1,976.29 points on Monday.

Similarly, the sensitive index surged by 0.66 points to close at 378. 06 points.

A total of 5,776,896-unit shares of 286 companies were traded for Rs 1. 73 billion.

Meanwhile, CYC Nepal Laghubitta Bittiya Sanstha Limited and Sayapatri Hydropower Limited were the top gainers today, with their price surging by 10. 00 percent. Likewise, Peoples Hydropower Company Limited was the top loser as its price fell by 5.29 percent.

At the end of the day, total market capitalization stood at Rs 3. 01 trillion.

A corruption case has been filed against nine persons including Secretary at Ministry of Industry, Commerce and Supply Madhu Kumar Marasini.

The Commission for the Investigation of Abuse of Authority (CIAA) filed the corruption case against nine persons including Marasini at the Special Court today, CIAA spokesperson Bhola Dahal said.

The graft case was filed against the then Secretary at the Ministry of Science and Technology and then Chairman at the National Information Technology Center Sanjay Sharma, the then Executive Director at the National Information Technology Center Pranita Upadhyay, the then Deputy Director at the National Information Technology Centre and the current Managing Director of the Nepal Telecom Sunil Paudel, the then Director at the National Information Technology Centre and current Deputy Director Safal Shrestha, the then head of the Budget and Program Division of the Finance Ministry and current Secretary at the Ministry of Industry, Commerce and Supply Madhu Marasini and the then Assistant Director at the National Information Technology Centre Ramesh Pokharel, the then Accounts Officer duo at the National Information Technology Centre Nim Bahadur Oli and Ram Bahadur Budha and computer engineer at the National Information Technology Centre Ram Sharan Gayak.

The anti-corruption watchdog concluded that they were found to have embezzled Rs 230 million while purchasing the national payment gateway.

A person died of dengue infection at the Rapti Academy of Health Sciences (RAHS), Ghorahi.

The deceased has been identified as 51-year-old Yagya Bahadur Dangi of Ghartigaon, Madi Rural Municipality-2 of Rolpa, RAHS Information Officer Nisan Bhattarai said.

Dangi was brought to RAHS on Sunday evening although problems were seen in his health since some time back.

He died while under treatment this morning, according to Bhattarai.

Dangi was a teacher at Shree Krishna Secondary School, Ghartigaon.

How many times has the government hiked the prices of petroleum products, say, in a year? Well, we the people have lost count of it. This time also, the government hiked fuel prices citing the price list from the Indian Oil Corporation, the sole supplier of petroleum products for Nepal, only to retract the unpopular decision owing to pressure from the Parliament and outside. 

If the government had its way, cooking gas would have become dearer by around Rs 215/cylinder, petrol by Rs 2/liter, diesel and kerosene by Rs 6/liter and air turbine fuel by Rs 8/liter, that too at a time when people have been grappling with economic hardships, thanks to domestic factors like the absence of the rule of law, market regulation, political instability, unbridled corruption and the Russia-Ukraine war that has been wreaking havoc on the global supply chain.  

Against this backdrop, Devendra Gautam of ApEx talked with a number of people from different walks of life to know if steep oil and gas prices are indicative of a petroleum trap that Nepal is finding itself sinking deeper and deeper in, like in quicksand. Here’s what they had to say:  

Pushkar Karki, Spokesperson, NOC

The sole supplier of fossil fuel and cooking gas to Nepal, Indian Oil Corporation, sends the price list of diesel and petrol to NOC every fortnight. It sends the price list of cooking gas, air turbine fuel and kerosene every month. Let me clarify a thing: NOC does not even get a penny from the sale of cooking gas, petrol fetches it a 2.5 percent profit margin whereas diesel and kerosene yield two percent profit.

Any surge in oil and gas price in the international market causes a surge in Nepal as well. In times of an economic slowdown,  such a hike only adds to the public’s woes, especially when major festivals are approaching.

Prabha Dawadi, Homemaker

A price hike hits every sector of life. From the kitchen to children’s education, every aspect suffers. The lack of domestic production is mainly behind rising inflation. The government should focus on increasing the production of food and other essentials within the country to rein in soaring market prices.    

Ratna Sansar Shrestha, Researcher

Frequent hikes in the prices of petroleum products are part of a design to make Nepal completely dependent on a monopoly supplier. India’s decision to not buy hydropower generated from Nepali projects developed with Chinese investment and make Nepal completely reliant on its petroleum supplies does not bode well for Nepal. However, our political leadership does not have the spine to oppose such a sinister design against Nepal. The leaders should mend ways.    

Sagun Sunder Lawoti, Spokesperson, Rastriya Prajatantra Party

The government has failed the country and the people on multiple fronts. It has been unable to deal with challenges both external and internal, it has failed to ensure law and order. 

An elected government is supposed to be accountable to the people, it is supposed to be responsive. But this government lacks vision and is rudderless. This mess is one of the indicators of polity failures. 

As a responsible opposition party, we have been trying to make the government take corrective measures to arrest this slide and will continue to do so in the coming days.  

Binita Gautam, School teacher

A hike in fuel prices causes food prices to shoot up. Such a hike only deepens the existential crisis of the people as no sector is left untouched.    

Ganesh Parajuli, Lawmaker, Rastriya Swatantra Party

A hike in fuel prices only increases the woes of Nepali people. The government should find ways to protect the people from the shocks of fuel price hikes instead of justifying such a hike citing price escalations in the international market. We (RSP) are discussing this issue within the party fold in a bid to work out ways for dealing with it. 

A person has been attacked with a sharp weapon in Gaushala, Kathmandu on Monday.

Sabir Hussain (38) of Kalaiya Municipality-21, Bara and currently residing at Koteshwor was attacked near Tilganga, KMC-9.

Police have recovered a pistol from the incident site.

Kathmandu Valley Police Office, Ranipokhari spokesperson Dinesh Mainali said that Hussain was attacked at around 11:30 am today.

Hussain, who sustained injuries on his leg and back, is undergoing treatment at the KMC Hospital.

Police said that they are searching for the attackers who fled the scene after the incident.

Further investigation into the incident is underway, police said.