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Bangladesh Energy Regulatory Commission (BERC) has initiated fixing the prices of petroleum products through hearing, like the prices of other energy utilities including natural gas and electricity.
The commission is set to hold the first-ever hearing to fix the price of Jet A-1 fuel on Sunday.
State-run Bangladesh Petroleum Corporation (BPC) has long been fixing the price of jet fuel, also known as aviation fuel, of its own for both domestic and international flights.
With the movement in the price of jet fuel, the prices of air tickets for both domestic and international routes also change, said sources.
The BPC already placed a proposal to the BERC to adjust the jet fuel prices in line with the price movements of fuel in international market.
It also proposed adjusting the price of furnace oil but the BERC has yet to fix any date for a public hearing for fixing furnace oil price.
The BPC has not yet proposed fixing the prices of other petroleum products like diesel, kerosene, octane and petrol.
Earlier on March 1, the government fixed the prices of diesel and kerosene at Tk105 per litre, octane at Tk126 per litre and petrol at Tk 122 per for the month of March under the automatic fuel pricing formula.
The prices are the same as the prices of such products for February.
The Energy and Mineral Resources Division (EMRD) under the Ministry of Power, Energy and Mineral Resources (MPEMR) also published a gazette over the petroleum prices for March.
The government first introduced the automatic fuel pricing formula on March 7, 2024.
The government usually applies Platts's oil product assessments or benchmarks for fixing refined oil products and for crude oil it look at S&P Global Platts's Dated Brent benchmark while buying petroleum products from the international market.
azizjst@yahoo.com