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Oil price will be not be reduced: Nasrul

The government will not reduce the prices of fuel oil in local market, the state minister for power, energy and mineral resources Nasrul Hamid has said.

Talking with the journalists at the sideline of a contract signing ceremony at the secretariat on Wednesday, Nasrul said that the price of fuel oil in the international market is on the rise and the World Bank has forecasted the trend will continue in next one year.

In October, last year, the World Bank raised its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit production after a long period of unrestrained output.

Oil prices have increased in recent weeks.

Brent crude futures, the international benchmark for oil prices, were up 17 cents $55.64 a barrel today, according to Reuters.

Meanwhile, talking with the journalist at the secretariat, Finance Minister Abul Maal Abdul Muhit said, he is not sure about whether the government has taken the decision to reduce the price of oil or not.

Tofael Ahmed, the Commerce Minister who was also beside him at that time said that to his knowledge, the government is yet to make any decision about oil price reduction.

“As far as I know, there has been no decision taken in this regard and there has been no discussion about this in the last cabinet meeting with the Prime Minister.”

Earlier on November 20, last year, Finance Minister Muhith said the government decision to reduce again the prices of petroleum oils would be taken in mid-December.

In December, Finance Minister Muhith announced that the government may lower the prices of fuel oil by a “small margin” in January.

He however said that time since price of fuel oil increased in the international market in December, the rate of reduction will not be much.”

In April, Bangladesh cut the prices of octane and petrol by Tk 10 per litre and diesel and kerosene by Tk 3, with the intention of passing on the benefits of low prices on the international market to consumers in the country.

At that time, the government said the cut was part of a government plan to reduce the fuel prices in phases.

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