Bangladesh’s Energy and Mineral Resources Division plans to revise the prices of imported fuel oil monthly after the general elections in January 2024. The decision came during discussions with the International Monetary Fund (IMF) delegation, which suggested daily price adjustments for fuel oil. The new pricing formula will consider local taxes, charges, and procurement and transportation fees. It will also take into account international refined fuel oil prices as 70% of Bangladesh’s imported fuel is refined. To avoid smuggling, prices in neighboring India will be considered during the revision. The pricing model is set to be implemented in March 2024 as part of the IMF’s $4.7 billion loan agreement, which requires a periodic formula-based price adjustment mechanism.
BIZDATAINSIGHTS
Bizdata Insights is a Market Insights, Data Intelligence and Business Advisory Platform
Our Solutions
Menu
Newsletter
Sign up for our newsletter now by entering your e-mail address and never miss out on the latest news and updates from our team!