Crude oil prices are on a downward trend globally, with last month’s average at $81.40 per barrel. Despite this, Bangladesh’s energy department increased diesel-kerosene, petrol, and octane prices, attributing it to an automatic pricing system aligned with international markets. Experts criticize Bangladesh Petroleum Corporation (BPC), alleging excessive profit-seeking. BPC’s reported profits over nine years exceed 47,500 crore TK. In the current fiscal year, a net profit of 3,841 crore TK is expected, contrasting a projected loss initially. BPC’s sales account for 72 to 75 lakh tonnes annually, impacting inflation, especially in transportation and food sectors. The government introduced fuel price adjustments four times since March, citing global market fluctuations. However, critics argue that the adjustment mechanism favors profit over consumer affordability. The automatic pricing system calculates costs from refinery to consumer, leading to recent price hikes despite falling global oil prices. Despite concerns, government officials defend the pricing strategy as aligned with international market norms and IMF recommendations.
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