UNB, Dhaka
Bangladesh Petroleum Corporation (BPC), a state-owned organisation responsible for importing and marketing petroleum produces, moves quickly to reduce the prices of petroleum fuels following a decision of the new Cabinet.
Sources said BPC is now calculating to determine how much the prices of petroleum fuel could be reduced.
The Awami League-led Grand Alliance government in its maiden Cabinet meeting Wednesday decided to reduce the petroleum prices, particularly that of diesel used by farmers in irrigation.
The Cabinet decision came as it was an election pledge of the Grand Alliance to reduce the prices of agri-inputs, including that of diesel, through providing subsidy.
Conveying the Cabinet decision, AL spokesman and LGRD Minister Syed Ashraful Islam said the decision was made as part of efforts to fulfill their election pledges.
Following the Cabinet decision, according to the sources, the Energy Division asked the BPC to look into the recent trends on the international market and calculate how much the prices could be reduced.
The petroleum price on the global market has come down below US$ 40 per barrel after hitting a record level of US$ 150 last year.
But the recent Israel’s war on Gaza of Palestine, the fuel price took an uptrend reaching US$ 57 per barrel last week. BPC Chairman Anwarul Karim said his organisation, after being instructed by the Energy Secretary, has started calculating the prices of all kinds of petroleum fuels.
“We’re calculating how much the prices could be readjusted in view of the downtrend on the international market. We’re hopeful of submitting our proposal to the Energy Division by Sunday,” he said.
The immediate-past caretaker government had raised the fuel prices by 36 per cent following the sharp rise on the international market.
But then, when the prices declined, the caretaker government reduced the prices twice-by 12 per cent in September and then by 4.3 per cent in December last year. However, the local fuel prices are still higher compared to the international ones.
After the latest price adjustment, diesel and kerosene prices came down to Tk 46, octane to Tk 77 and petrol to Tk 74 per litre on the local market.
The BPC sources said it may suggest the government to reduce the prices of all kinds of petroleum fuel to avoid any contamination or distortion on the local market. In that case, the price of each item may be reduced by Tk 5 to 7 per litre, they hinted.
However, before any readjustment of fuel price, the government is supposed to consult the Bangladesh Energy Regulatory Commission (BERC) for its approval.
Courtesy: thebangladeshtoday.com
