Furnace oil price hiked by Tk 24.59 a litre to Tk 94.69  

Bangladesh Energy Regulatory Commission (BERC) hiked the price of furnace oil by Tk 24.59 per litre or 35 per cent to Tk 94.69 per liter from Tk 70.10 with effect from midnight Sunday.

The adjustment was made under Sections 34(4) and 34(6) of the Bangladesh Energy Regulatory Commission Act, 2003, the BERC stated in a press release issued Sunday.

The decision followed proposals from Bangladesh Petroleum Corporation (BPC) and oil marketing companies, as well as a public hearing and detailed review.

According to the commission, furnace oil prices are subject to revision every three months or as needed.

Earlier, in February, the energy regulator had reduced the furnace oil price by Tk 15.90 per litre, or 18.48 per cent, to Tk 70.10 per litre.

Since crude oil was not imported in March, the new rate was set based on international refined furnace oil prices and the US dollar exchange rate.

A committee formed on March 15 analysed Platts index-based average prices and exchange rates, recommending the April adjustment.

The proposal was reviewed and approved in special commission meetings held on April 5 and April 12.

azizjst@yahoo.com