The government is going to adjust the prices of four different petroleum fuels to reflect the downscaling in global oil price.
The price of petrol and octane will be reduced by 5 per cent and 8 per cent for kerosene and diesel per litre.
A proposal will be send to Ministry of Power, Energy and Mineral Resources from the Ministry of Finance within this week. After reviewing, the proposal will send for the nod of Prime Minister, said an official of Ministry of Finance.
The new prices of petrol will be Tk 81.70, octane Tk 84.55, kerosene and diesel Tk 60. Jet fuel and furnace oil price will be out of this reduction.
If the proposal of Ministry of Finance got final approval especially if the price of diesel and kerosene reduced then the poor, middle class and villagers will be more benefited.
The subsidiary in electricity production will be reduced if diesel price reduced. Farmers and electric pump users will be specially benefited.
Ministry of Finance already made a synopsis about the fuel price reduction where the new proposed petrol price will be Tk 81.70 instead of present selling price Tk 86.00 reducing by Tk 4.30.
Octane will be Tk 84.55 instead of present price Tk 89.00 reducing by Tk 4.45. The present price of both kerosene and diesel is Tk 65.00 and new prices will be Tk 60 reducing by Tk 5.00.
Despite the proposed reduction of four different petroleum fuel prices, Bangladesh Petroleum Corporation (BPC) will be profit trend.
BPC will earn Tk 116 crore, Tk 125 crore, Tk 335 crore and Tk 1,279.34 crore yearly from selling petrol, octane, kerosene and diesel respectively total amounting 1,854.72 crore from the above four petroleum fuels. The synopsis was made after analyzing the International oil market trend.
According to recent report of Bloomberg, the oil price will be stable in 2017despite the downscaling in global oil price in last 3 years. Fuel price specially Brent Crude Oil will be $ 58 per barrel. Gulf Research Center assumes the price will be around $ 60 per barrel through the current year. According to The World Bank oil price will be $ 55.2 per barrel.
Assuming the price at $ 60 per barrel, BPC will make Tk 3.22 profit from the sale of per litre diesel after reducing present price by 8 per cent and Tk 10.56 from kerosene.