Nasrul hints fuel price cut this month

State Minister for Power, Energy and Mineral Resources Nasrul Hamid yesterday hinted at a possible reduction in fuel oil prices for this month.

During a press briefing at his office at the Secretariat, he said the government has concluded the development of an automated fuel oil pricing formula, which is currently awaiting final approval from the Prime Minister's Office. 

The International Monetary Fund (IMF) has advised Bangladesh to adjust fuel oil prices every month.

This formula aligns with the IMF's recommendations and the government is implementing it, said the state minister.

Nasrul indicated a reduction in fuel oil prices, citing the downward trend observed in global markets.

Referring to the Bangladesh Petroleum Corporation guidelines published on 29 February for determining the formula of fuel oil automatic pricing, Nasrul said, "The regular pricing of fuel oil will start this week."

He said, "Fuel oil is now available at a somewhat affordable price in the global market. The rates will be slightly reduced in the new announcements this month." The state minister added that the government will readjust the prices every month from now on.

Nasrul said, "The price of diesel per litre in Kolkata is now Tk133. And in Bangladesh Tk109. If the price falls too low, the fear of smuggling will increase."