The government has secured a three-month extension from the International Monetary Fund (IMF) to implement an automatic price formula for fuel oil, aligning it with global market rates. Originally, this transition was to be completed by the end of the upcoming December 2023. It is widely believed that the government is hesitant to raise fuel oil prices before the elections and has sought more time from the IMF for this reason. The Bangladesh Petroleum Corporation has already devised a pricing formula, which proposes revisions every three or one month, potentially leading to a fuel oil price increase of Tk10-15 per liter. However, the government is likely to defer such a decision until after the parliamentary polls. This pricing formula is a stipulation tied to the IMF’s $4.7 billion loan agreement.
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