Fuel prices will fall in Bangladesh along with global market, govt assures

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Hiked diesel price still low compared to neighbouring countries, says Energy and Mineral Resources Division

The Energy and Mineral Resources Division has assured that it will adjust and reduce the prices of diesel and kerosene once they fall in the international market.

The prices of fuel oils have been rising in the international market since the beginning of the current financial year and the government hiked the prices of kerosene and diesel taking that into account, the division explained in a press release on Friday.

The new price of the two oils, with the Tk15 per litre hike, is now Tk80 per litre, effective from November 4.
The state-owned Bangladesh Petroleum Corporation (BPC) incurred a loss of Tk1,147.6 crore in diesel in the last five and a half months because of not adjusting its local price in line with the global one, said the release.

Even with the recent hike, the price of diesel in Bangladesh is still lower than in some neighbouring countries. It is 101.53 rupees or Tk124.37 per litre in Kolkata compared to Tk80 per litre in Bangladesh, it added.
However, the Indian government on Wednesday had reduced the excise duty on petrol by 5 rupees per litre, and that on diesel by 10 rupees per litre in a bid to improve consumer sentiment.

A government source told Reuters the federal government will face a revenue loss of between 550 billion rupees and 600 billion rupees from the cut in taxes. A litre of petrol currently comes at 110.04 rupees while the diesel comes at 98.42 rupees in New Delhi.

In Nepal, the price of diesel is Nepalese Rs 112.39 (Tk81). Pakistan is selling diesel and kerosene at Pakistani Rupees 142.62 per litre, while the price in Sri Lanka is at Sri Lankan Rupees 144 per litre, according to statistics issued on November 1.

Commuters were left to suffer on the streets since Friday morning after public and cargo transport associations began an indefinite nationwide strike to protest the sudden hikes.
The government urged transport sector leaders to withdraw the strike, but they are holding firm to their protest.

Launch owners are set to join the strike from Saturday if their fares are also not raised.

The Bangladesh Road Transport Authority is slated to hold a meeting on transport fares with stakeholders and the authorities of the transport sector on Sunday.

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