The Government has for the first time reduced the prices of kerosene, diesel, octane, and petrol by Tk 7 to Tk 10 per litre in the wake of fall in their prices in the international market.
The reduced prices took effect from Sunday midnight.
The price of diesel and kerosene has been reduced to Tk 48 per litre from Tk 55, Octane to Tk 80 from Tk 90, petrol to Tk 78 from Tk 87.
The reduction in the prices of these petroleum products was announced by the Special Assistant to the Chief Adviser, Prof M. Tamim at a press conference at the PID Conference Room in the secretariat.
Earlier on July 1, the government raised the prices of these products by 36 percent.
Tamim told the conference that the government will review the fuel prices every three month. He said that with the reduction and readjustment of fuel prices the
Government still will have to give hefty amount of subsidy. The government subsidy, however, will be limited to diesel and kerosene only, he informed.
The subsidy on kerosene and diesel was considered in view of their extensive use in the agriculture sector, he said.
Replying to a question, he said the government has no interest in giving subsidy on octane and petrol.The special assistant expressed the hope that transport fares will come down proportionately following the reduction in fuel prices. Necessary measures will be taken in this respect, he said and sought cooperation of all concerned on transport fare reduction.
Asked why fuel prices have been reduced by 10.34 to 12.73 percent only when their prices were raised by 36 percent in July last, Tamim said it was done on the basis of their import prices by the Bangladesh Petroleum Corporation ( BPC).
He informed that the government had to provide subsidy to the tune of Tk 1,400 crore to BPC in the first quarter of the current fiscal after price hike of fuel on July 1.
"We shall have to provide Tk 1,500 crore as a subsidy to BPC even after reduction in the prices of the all kinds fuel" he further said. The Energy Ministry has taken opinion of the Energy Regulatory Commission (ERC) while reducing the fuel prices, he added. "The subsidy on fuel will be readjusted here with the prices of the international market," he told a questioner.
'BPC is at present importing refined diesel at a rate of around $99.50 per barrel,' Tamim said.
To a question he said that the rate of fuel pilferage by the BPC employees has now been brought down to .10 to .20 percent from .35 to .50 percent.
Bangladesh has an annual demand of nearly 4 million tonnes of petroleum products 3.7 million tonnes petroleum products including 2.3 million tonnes of diesel were consumed in 2007-2008.
The reduced prices took effect from Sunday midnight.
The price of diesel and kerosene has been reduced to Tk 48 per litre from Tk 55, Octane to Tk 80 from Tk 90, petrol to Tk 78 from Tk 87.
The reduction in the prices of these petroleum products was announced by the Special Assistant to the Chief Adviser, Prof M. Tamim at a press conference at the PID Conference Room in the secretariat.
Earlier on July 1, the government raised the prices of these products by 36 percent.
Tamim told the conference that the government will review the fuel prices every three month. He said that with the reduction and readjustment of fuel prices the
Government still will have to give hefty amount of subsidy. The government subsidy, however, will be limited to diesel and kerosene only, he informed.
The subsidy on kerosene and diesel was considered in view of their extensive use in the agriculture sector, he said.
Replying to a question, he said the government has no interest in giving subsidy on octane and petrol.The special assistant expressed the hope that transport fares will come down proportionately following the reduction in fuel prices. Necessary measures will be taken in this respect, he said and sought cooperation of all concerned on transport fare reduction.
Asked why fuel prices have been reduced by 10.34 to 12.73 percent only when their prices were raised by 36 percent in July last, Tamim said it was done on the basis of their import prices by the Bangladesh Petroleum Corporation ( BPC).
He informed that the government had to provide subsidy to the tune of Tk 1,400 crore to BPC in the first quarter of the current fiscal after price hike of fuel on July 1.
"We shall have to provide Tk 1,500 crore as a subsidy to BPC even after reduction in the prices of the all kinds fuel" he further said. The Energy Ministry has taken opinion of the Energy Regulatory Commission (ERC) while reducing the fuel prices, he added. "The subsidy on fuel will be readjusted here with the prices of the international market," he told a questioner.
'BPC is at present importing refined diesel at a rate of around $99.50 per barrel,' Tamim said.
To a question he said that the rate of fuel pilferage by the BPC employees has now been brought down to .10 to .20 percent from .35 to .50 percent.
Bangladesh has an annual demand of nearly 4 million tonnes of petroleum products 3.7 million tonnes petroleum products including 2.3 million tonnes of diesel were consumed in 2007-2008.
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