Retail fuel oil prices to decrease this month

State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said that the price of fuel oil will be reduced at the consumer level in the country this month.

“The price of fuel oil will be announced following a new formula for the first time. A notification will be issued reducing the fuel oil price at the customer level within this month,” he said while talking to reporters at the Secretariat in the capital on Sunday (March 3).

The notification will be issued after approval of the proposed new prices by the prime minister, the state minister informed.

Earlier on March 1, the power, energy and mineral resources ministry announced in a notification that the government will determine the price of fuel every month in coordination with the international market through an automatic process. This system of automatic price determination of fuel oil will be effective from this month.

According to the notification, this automatic pricing system will be applicable for petroleum products, like diesel, kerosene, octane and petrol, prices of which are determined by the government. In this regard, the government has published the “Guidelines for Automatic Pricing of Fuel Oil”.

However, if necessary, the government, or Bangladesh Petroleum Corporation (BPC), can apply the guidelines, subject to conditions, for the pricing of other petroleum products as well.