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Oil price cut in the offing

The government is likely to reduce prices of octane, petrol, diesel and kerosene next week.

An official of the Energy and Mineral Resources Division (EMRD) said on condition of anonymity that the prices may be reduced by Tk. 5 to Tk. 10 per litre.

On March 31, the government slashed the price of furnace oil to Tk 42 from Tk 60 per litre with effect from April 1.

On April 25, octane and petrol prices were cut by Tk 10 a litre and those of diesel and kerosene by Tk 3.

Octane is currently selling for Tk. 89 per litre, petrol for Tk. 86, and kerosene and diesel for Tk. 65.

The Prime Minister`s office (PMO) is recently said to have cleared a proposal recommending a cut in fuel prices.

The proposal was sent to PMO by the EMRD.

According to the proposal summary, octane and petrol prices will be cut by 10 per cent each.

Prices of diesel and kerosene, which are more widely used by the public, are to be slashed by 5 per cent.

Bangladesh is among a handful of countries that have kept domestic oil prices higher despite a drastic fall in international oil prices. The prices in Bangladesh are the highest among the South Asian countries.

Before adjusting the oil prices in March 31 this year, Bangladesh Petroleum Corporation (BPC) had adjusted oil prices upwards in 2013 when the rate of the commodity per barrel rose to $122 in the international market.

After that the state-owned enterprise had been maintaining the same prices for two years even though the oil price gradually dropped to less than $40 a barrel globally in last two years.

Since July last year, crude oil prices plunged from over $110 a barrel to $28 a barrel in March this year on weak global demand. Prices are currently hovering at around $54 barrel.

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