A circular regarding the fuel oil price reduction will be issued within April 21-24, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said.
During a press briefing organised at the secretariat on Wednesday, the State Minister said that the declaration date for price reduction would be announced three days before the circular.
During the first phase, the price of diesel will be reduced by Tk 4-5 and the price of octane, petrol and kerosene will be reduced by Tk 10-15.
The license of the petrol pump will be cancelled upon its failure to comply with the new circular and upon its failure to supply fuel to the customers.
After the government declared to reduce the price of fuel oil in April 4, the petrol pumps either stopped taking oil or reducing their intake from the depot.
As e result, many customers could not find oil at different petrol pumps from April 6. In few pumps, customers were forced to buy oil at higher prices as the oil stock was way below the demand there.
During the press briefing, Nasrul said that some dishonest businessmen started selling oil at higher prices. Some of them also stopped selling oil. "We are monitoring these situations. Those who do these sort of things will loose their licences."
Nasrul said that they have identified over 350 petrol pumps which sell adulterated fuel oil. He informed that the minister has taken initiative to cancel licence of those pumps.