Energy Division meets stakeholders as govt mulls increasing fuel oil price yet again

The Energy and Mineral Resource Division on Monday sat with owners of buses, trucks and filling stations and other stakeholders as the government is mulling to increase fuel oil price yet again.

State Minister for power, energy and mineral resources Nasrul Hamid and officials of the division, Petrobangla and the Bangladesh Petroleum Corporation (BPC) took part in the discussion at the Bidyut Bhaban in the capital, several participants said.

Khandaker Enayet Ullah, general secretary of the Bus Owners' Association, told The Business Standard that the Energy Division organised the meeting to discuss the fuel oil price situation.

"We raised our voice as we will have no alternatives to increasing bus fares in case of further oil price hike," he said. "In reply, the officials told us that the Bangladesh Road Transport Authority has a committee to determine the transport fares."

The stakeholders also said they were in favour of keeping the oil price unchanged amid the ongoing economic realities and the critical time of essential commodity price hikes.

Earlier in November last year, the government adjusted the price of diesel and kerosene, with a 23.08% increase to Tk80 per litre.

In Monday's meeting, the Energy and Mineral Resources Division gave a presentation on the global energy situation, the BPC's daily accounts, and the subsidies on fuel oil.

The government has been incurring a loss of Tk108 crore every day due to higher price of the item on the global market, several officials, wishing to remain unnamed, told TBS. So, the government is mulling to adjust the price again.

Stakeholders need a supportive role in this regard, they said, as transport fares might be increased irrationally, which happened last time, on the excuse of the oil price hike. Such an unwanted condition can create public outrage, they added.