The energy regulatory commission has reduced the furnace oil price by Tk 8.71 per liter, or 7.98 per cent, to Tk 100.39 per litre from previous Tk 109.10 per litre, in retail level with effect from Thursday midnight.
Bangladesh Energy Regulatory Commission (BERC) reduced the furnace oil price through a notification.
Furnace oil is mainly used in power plants and with the reduction of its price the cost of electricity generation oil-based power generation will decrease.
The BERC adjusted downward the furnace oil price considering the lower cost of imported furnace oil between June 30 and July 28, as well as the exchange rate of the Bangladeshi taka against the US dollar, the notification stated.
Previously, furnace oil prices were determined by the Bangladesh Petroleum Corporation (BPC).
The previous interim government transferred that authority to BERC, and the commission announced furnace oil prices for the first time in February.