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Bangladesh Government to cut fuel prices


The government has decided to cut prices of fuel oil by eight to ten percent, which is likely to come into effect sometime next week, according to energy ministry officials.

A proposal will soon be sent to the chief adviser (CA) to the caretaker government seeking his approval for the price cut.

Under the new regime, prices of petroleum products will go down by Tk 5 to Tk 8, said the officials.

”We've taken the move as cost of crude oil on the global market dropped about 50 percent," Special Assistant to the CA M Tamim told reporters in Bangladesh Secretariat.

He hinted that the government will monitor fluctuations of international fuel oil prices, and might even slash domestic prices further in the near future for adjustment, if necessary.

Tamim, who is responsible for advising the CA on energy, power and mineral resources, said the government will still have to subsidise oil import, but the ratio will be lesser than the present one.

Fuel oil prices dipped on the international market again yesterday, after recent gains in expectation that OPEC will unveil plans to cut output later this week.

The world oil market has been witnessing the price dwindling between $70 and $80 a barrel for the last few weeks.

Energy Secretary Mohammad Mohsin said the ministry assessed the price situation and is preparing several options to adjust fuel oil prices at home.

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