Govt to cut oil price within 10 days: State minister

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Dhaka, April 6: State Minister for Power, Energy and Mineral Resources Nasrul Hamid Bipu on Wednesday said that a circular to adjust prices of octane, petrol, diesel and kerosene will be issued within 7-10 days’.

“We will try to issue a circular within 7-10 days. We want to offer a reasonable rate of oil prices in phases,” he told reporters at the secretariat.

He further said, “The circular will address prices of octane, kerosene, petrol and diesel. We have already adjusted the price of furnace oil.”

The prices will be revised within seven to ten days, Bipu said, adding that the first phase maybe within ten days and the next phase will be in another six to seven months.

The third step will follow in six to seven months, he added.

“I already said it will be something around Tk 10. We’ve tried to bring it within that. We’ll adjust oil prices in two to three steps, but not for every kind of fuel oil.

He said his ministry will work with other sectors for gas and electricity where prices need adjustment with oil.

He also said refilling stations will be raided to stop adulteration of oil from Thursday. “Anyone found guilty will immediately lose their licence.

“We’ll start this operation tomorrow. We already have reports. There are 1,200 pumps and we’ll gradually move to cancel the licences of pumps that are responsible for adulteration.”

Octane costs Tk 99, petrol Tk 96 and diesel Tk 68 per litre after the adjustment with global prices in 2013.

On March 31, the price of furnace oil, mainly used at power plants, was cut by Tk 18 per litre, bringing it down to Tk 42 from Tk 60.

Demands, too, have risen over five million metric tonnes with more oil-based power plants and vehicles.

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