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State Minister for Power, Energy and Mineral Resources Nasrul Hamid has hinted at a possibility of downward adjustment of fuel-oil prices in the domestic market this week.
"Fuel-oil prices are set to be lower to some extent as the proposed automated price-adjustment guidelines for the same would come into force within the next few days," he told newsmen at his secretariat office on Sunday.
The automated price adjustment guidelines were published on February 29 last, which is now awaiting Prime Minister Sheikh Hasina's nod, he said.
As per the guidelines, prices of all petroleum fuels, including petrol, diesel, octane, kerosene, furnace oil and jet fuel will be fixed automatically in line with their changing rates in the global market, he mentioned.
He further said the prices will be adjusted every month.
When his attention was drawn, Mr Nasrul said the possible rates cannot be confirmed now. However, it is expected that fuel oils would be supplied at an affordable rate after the adjustments, he added.
Responding to another question, the state minister said fuel-oil prices are expected to see a downward adjustment in the domestic market as they are now available at comparatively low prices in the international market.
If the prices of fuel oil go up further in the global market, then the prices will be adjusted accordingly for the local market, he added.
The state minister further said fuel oil prices will be adjusted at the domestic level, considering their prices in the neighbouring countries. Diesel is now selling at Tk 133 per liter in Kolkata while the rate is Tk 109 in Bangladesh, he mentioned.
If the prices remain lower in Bangladesh than that of the neighbouring countries, there is a possibility of being smuggled out of the same.
Responding to another question as to whether the transport fare will come down if the price of fuel oil decreases, Mr. Nasrul Hamid said if the fuel oil prices are adjusted every month, then all the related sectors should adjust their rates accordingly.