'Prices of petrol, octane, diesel and kerosene will likely fall in March'

State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said that the prices of petrol, octane, diesel and kerosene will likely fall in March.

He said that the ministry already issued the directive to re-adjust the fuel price from March to keep the rates in line with the international market.

"We are awaiting the prime minister’s approval on the fuel prices. The official announcement will be made once we get her approval,” he added.

Hamid also expressed concerns about oil smuggling to India.

He said: “The price of diesel is Tk 133 in India. But we are selling diesel for Tk 109 in Bangladesh. There is a risk of oil smuggling if the prices are reduced further."

The reduced fuel prices are expected to have a significant impact on the public transport system once the new formula is in effect, Hamid added.