Staff Reporter :
The State Minister for Power, Energy, and Mineral Resources, Nasrul Hamid, has announced that fuel oil prices may see a decrease through adjustments in line with global market trends.
Speaking to journalists at the Secretariat on Sunday, he expressed optimism about potential price adjustments within the week, emphasizing the need for coordination with international market dynamics.
Nasrul clarified that the specifics of the adjustment would only be confirmed upon the proposal’s approval, but assured that efforts were being made to ensure fuel affordability. He highlighted that the upcoming price alterations would adhere to established formulas for adjustment.
Responding to queries regarding the extent of the expected price reduction, Hamid reiterated that the new prices would be determined based on the adjustment formula.
Addressing concerns about why fuel prices in Bangladesh do not always reflect changes in the global market, the state minister assured that the issue had been resolved. He affirmed that fuel prices would now be subject to regular adjustments, aligning with fluctuations in the international market. As per Hamid, if global prices rise, adjustments would reflect this trend, and likewise, any decreases in international prices would also be mirrored in the domestic market.
Nasrul further disclosed that the file pertaining to the adjustment of oil prices awaits the approval of Prime Minister Sheikh Hasina.
Responding to inquiries about whether transport fares would decrease alongside oil price reductions, the state minister emphasized the need for comprehensive adjustments across all sectors linked to fuel consumption. He criticized the disproportionate increase in transport fares compared to fuel price hikes, noting that it was illogical for fares to surge by 15 to 20 percent when fuel prices rose by only five percent.
Regarding which fuel prices may decrease, Nasrul highlighted diesel as a priority, given its extensive use in irrigation and the transport sector. He stressed the importance of ensuring maximum benefits for the public through diesel price adjustments.
Earlier, on January 29, the state minister had announced plans to introduce dynamic fuel pricing for consumers starting March 1.
Under this system, petroleum fuel prices will fluctuate in accordance with international market prices.
The pricing mechanism will consider various factors including international market rates, exchange rates, customs duties, Bangladesh Petroleum Corporation’s profit margins, transport costs, and other relevant factors.
