The interim government has decided to decrease the price of liquid fuel TK 5 to Tk 1.75 in September to tighten the belt over inflation.
"The price of octane and petrol would decrease by TK 5 to 10 per liter and the price of kerosene and diesel would be slashed by TK 1.50 to 1.75 per liter," a senior official of the Energy Division has said.
Energy Division and the Bangladesh Petroleum Corporation (BPC) is working on the issue as the government set to cut the inflation that is very much related with the fuel price, the official added.
According to the official the interim government just slashed the profit of BPC at a nominal level, through this initiative BPC would not face any loss but people would get some respite from the shore market price.
The Awami League-led government increased the price of fuel on June 1, 2024 through an executive order, the prices of diesel and kerosene have been raised by Tk0.75 to Tk107.75 per litre from Tk107. The price of petrol has been set at Tk127 per litre, up by Tk2.50 from Tk124.50 per litre. Similarly, the price of octane has been set at Tk131 per litre, up by Tk2.50 from Tk128.50 per litre.
That time, the Energy and Mineral Resources Division explained that although the prices of petroleum decreased in the global market, the devaluation of the taka against the US dollar has caused an increase in fuel prices locally.
On 29 February, the Bangladesh Petroleum Corporation (BPC) issued a notification on Automatic Fuel Oil Pricing Guidelines.
According to the notification, the prices of all petroleum fuels - petrol, diesel, octane, kerosene, furnace oil, jet fuel, and marine fuels - will be set automatically based on the international market price.
The government launched the new formula to fix fuel oil rates on 7 March according to the terms of the International Monetary Fund (IMF) for a $4.7 billion loan.
