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The students were aged mostly between 16 and 20. Two teachers and the driver also died in the accident early evening on Friday in a remote area.
The vehicle was carrying 37 people, with 22 killed at the scene and another in a nearby hospital. Fourteen people were treated for injuries.
"Our preliminary investigation shows the cause of the incident was speed," police officer Bel Bahadur Pandey told AFP.
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The latest comes a week after a truck accident in central Nepal killed 20 mourners returning from a funeral ritual.