The agitating student of the All Nepal National Free Students Union (ANNFSU), the student wing of main opposition Communist Party of Nepal-United Marxist Leninist (CPN-UML), also tried to burn the effigies of Prime Minister Sher Bahadur Deuba and Chief Election Commissioner Ayodhee Prasad Yadav outside Tri Chandra Multiple Campus.
Their attempts were, however, foiled by the police.
The students burnt tires and blocked roads in Ratnapark area, the police said.
This is the third time that the Nepal Oil Corporation hiked the prices of petroleum products in a month.
The police fired several rounds of tear gas shells and used force to disperse the protesters.
According to the students, ANNFSU Vice-Chairman Mahesh Bartaula, General Secretary Ain Mahar and Shekhar Bohara among others were injured in the incident.