Fuel oil prices are falling

Fuel oil prices are falling this week. In this regard, the Prime Minister has approved the automatic price determination system, said Minister of State for Power, Energy and Mineral Resources Nasrul Hamid.

On Tuesday (March 5) at the Osmani Memorial Auditorium, the District Commissioner met with the DCs and informed about the approval decision.

The state minister said that from now on, the price of fuel oil in Bangladesh will be determined by considering the price of oil in the world market. Notification in this regard will be issued this week.

Nasrul Hamid said that discussions have been held with the DCs regarding the uninterrupted supply of electricity and fuel during the upcoming summer season. There was also a discussion on making fuel prices affordable.

He said that the price of fuel oil is higher in neighboring countries than in Bangladesh. If the price drops here, the risk of theft or smuggling will increase. In that case DCs should increase supervision. 

Liquefied Petroleum Gas (LPG) should be sold at fixed prices, middlemen outside the main dealer should not take advantage; That is why the district administrators have been asked to pay attention.

Incidentally, at the end of last month, Nasrul Hamid said that from March, for the first time in the country, the price of fuel oil will be determined every month in coordination with the international market.

In this regard, the Ministry of Power, Energy and Mineral Resources said in a notification on March 1 that the government will set the automatic price of fuel every month in coordination with the international market. Initially, this system will be effective from this March.