Staff Reporter:
The government has readjusted the fuel oil prices downward through a newly introduced automatic pricing adjustment mechanism for fuel oil in line with the global market.
The new price will come into effect from 1 March, the Power, Energy and Mineral Resources Ministry said in a gazette issued on Thursday.
For the first time in Bangladesh, the government has adjusted fuel oil prices using a new formula-based price adjustment mechanism.
According to the gazette, the price of diesel or kerosene has been reduced by Tk 0.75 paisa per liter, petrol by Tk 3, and octane by Tk 4 per liter.
From 8 March, diesel or kerosene will be sold at Tk 108.25 per litre, octane at Tk 126 and petrol will cost Tk 122 per litre.
The government will adjust the price of the fuel every month in accordance with the price of the fuel in the world market.
If the price of fuel oil goes up in the world market, it will also be increased in the country.
Besides, if it will decrease in the world market, it will be decreased in accordance here, said the notification.
It is noted that although the price of the fuel was adjusted in the country, diesel is being sold at Tk. 133.57 per liter (92.76 Rupee or 1 rupee = Tk. 1.44) and petrol is being sold at Tk. 152.68 per liter in Kolkata, India, which is Tk. 24.57 and Tk. 27.68 higher than Bangladesh.
Earlier on 2 March, State Minister for Power, Energy, and Mineral Resources Nasrul Hamid hinted at a potential reduction in fuel oil prices for this month.
While addressing a press briefing at his Secretariat office, Nasrul said the government has concluded the development of an automated fuel oil pricing formula, which was waiting for final approval from the Prime Minister’s Office.
This formula lines up with the International Monetary Fund (IMF) recommendations and the government was engaged in implementing the system, he said.
The IMF has advised Bangladesh to adjust fuel oil prices every month under the formula.
