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The government will consider reducing fuel prices in Bangladesh if global oil prices fall, State Minister for Power, Energy and Mineral Resources Anindya Islam Amit said on Friday.
“There is no plan to increase fuel prices further at this moment. If oil prices decline in the global market, the government will try to adjust domestic prices to provide relief to the people,” he said.
The state minister made the remarks while attending a meeting of the health management committee of Jashore General Hospital.
His comments came days after the government raised the prices of diesel, petrol, octane and kerosene by Tk 20 per litre, citing higher international oil, transportation and insurance costs, as well as the risk of cross-border fuel smuggling.
The revised prices, effective from September 21, set diesel at Tk 135 per litre, petrol at Tk 160, octane at Tk 165 and kerosene at Tk 155.
Amit had earlier said the government had kept domestic fuel prices unchanged for around six months despite rising international costs before being forced to make the latest adjustment. He said the Bangladesh Petroleum Corporation had incurred losses of around Tk 22,875 crore during that period as domestic prices remained below international market rates.
He also said the price adjustment was necessary to reduce the risk of fuel purchased with foreign currency being smuggled to neighbouring countries, where prices were higher.
Amit said on Thursday that the government expected the Middle East crisis to ease and would move quickly to readjust fuel prices if international rates declined.
Meanwhile, the state minister said the temporary gas supply problem in Bangladesh had been resolved and gas supply was now fully normal.
He did not provide details on the cause or duration of the recent disruption, but said the situation had returned to normal.