The government has set new retail prices of fuel oil in the country in line with the changes in fuel prices in the international market. The new announcement has increased the prices of octane, petrol and kerosene by Tk 5 per liter. However, the price of the widely used diesel has been kept unchanged.
The Ministry of Power, Energy and Mineral Resources announced the new price in a notification issued on Sunday. The ministry said the new price has been determined in light of fluctuations in fuel prices in the global market, import costs and price adjustment policies.
According to the new price list, the price of diesel per liter at the consumer level will remain at Tk 115 as before. On the other hand, the new price of octane has been set at Tk 145, petrol at Tk 140 and kerosene at Tk 135 per liter.
According to the government decision, the new prices will be effective across the country from next Monday.
According to energy sector analysts, the government has had to adjust prices due to the volatility of crude oil prices in the international market and the increase in import costs. However, the decision to keep diesel prices unchanged could play a helpful role in controlling potential cost increases in the transportation and agriculture sectors.
According to some economists, the increase in the prices of gasoline, octane and kerosene could affect personal transportation, small businesses and in some cases production costs. However, its overall economic impact will depend on the future price situation of fuel oil in the international market.
The government has been following a monthly fuel price adjustment policy in line with the international market for the past few months. Concerned circles believe that fuel prices may be adjusted again in the coming months depending on the changing price situation in the global market.