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State Minister for Power, Energy and Mineral Resources Nasrul Hamid has hinted that the price of petrol, octane, diesel and kerosene will likely fall in the coming days following the new formula.
The ministry issued the directive to re-adjust the fuel price from March to keep the rates in line with the international market, as per bdnews24.com reports.
According to an official from the Ministry of Power, Energy and Mineral Resources, new fuel prices will be announced on the day the prime minister approves the proposal.
“The adjustment of fuel prices will result in some cost savings. We are awaiting the prime minister’s approval on the fuel prices. The official announcement will be made once we get her approval,” said Hamid.
According to the minister, the prices may be tamed further if the rates fall in the global market.
“I can’t declare the new prices before the proposal is approved. But we plan to make fuel prices relatively affordable for the people,” he added.
Hamid also expressed concerns about oil smuggling as fuel prices are higher in India. He told reporters, “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."
Diesel and kerosene are being sold at Tk 109 per litre, petrol at Tk 125 and octane at Tk 130.
The reduced fuel prices are expected to have a significant impact on the public transport system once the new formula is in effect, says Hamid.