The price of all other Petroleum oils is going to be reduced soon as
the price of Furnace oil is already being cut, stated by the State
Minister for Power, Energy and Mineral Resources Nasrul Hamid.
Nasrul Hamid confirmed about this price cut on Monday, while talking
with the journalists at secretariat.
The state minister said that, initiatives are about to be taken to cut
the price in three phases. In the first phase, oil price will be
reduced within two weeks most. In rest of the phases the price will be
cut within the next 6 months. Further price cut will take place in the
future phases, after having discussion with roads and waterways
transport owners and other concerned organizations, he added.
Sources have confirmed that, a discussion were committed in last
Sunday at the Prime Minister’s office on the topic of price cut of all
the petroleum products.
Bangladeshi’s have witnessed a price cut recently for the first time
in last a few years, where the price of oil in international market
has been declining sharply for the last two years. So far, the
government has only reduced the price of Furnace oil by 18 TK.
The cost for importing each liter of Furnace oil is less than 30 TK,
according to the international market price of each barrel (159 liter)
of unpurified oil. Accordingly, the cost for importing Octane, Petrol
and Diesel is 55, 50, 38 TK respectively.
Bangladesh Petroleum Corporation (BPC) has been counting profit
cumulatively by selling oil at
relatively much higher price comparing to the global market since
2014-15 fiscal year. In that year, the price of per barrel oil was 90
USD in the intl. market and BPC sold Diesel at a rate of 68 TK in
local market. As a result BPC could make a total profit of 5,268 crore
TK.