The government is preparing to adjust fuel oil prices in accordance with global rates. Bangladesh Petroleum Corporation (BPC) is working on this policy shift and aims to add Tk 10 per liter as an additional profit margin. However, there are doubts about the effectiveness of this system by the September deadline. State Minister for Power, Energy, and Mineral Resources has expressed reservations about BPC’s proposal.
Critics, like the Consumers Association of Bangladesh (CAB) Senior Vice President, argue that BPC lacks the legal authority to set fuel oil prices, as this responsibility falls under the Bangladesh Energy Regulatory Commission (BERC). The government is seeking to align domestic fuel prices with international benchmarks like West Texas Intermediate (WTI) and Brent, adjusting prices every three months on an experimental basis. This shift is driven by the need to reduce pressure on the national economy due to a $4.7 billion loan from the International Monetary Fund (IMF). However, challenges such as disparities between global and local diesel prices pose complexities, and the new tax system introduced by the National Board of Revenue (NBR) may further impact fuel prices.
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