Fuel oil prices have fallen in the domestic market this month. Prices were increased by Tk 2 per litre last month. This month, prices have been reduced by Tk 2 per litre.
Petrol, octane, diesel and kerosene are being sold at the new rates from today, Thursday, 1 January.
The Ministry of Power, Energy and Mineral Resources issued a gazette notification in this regard late last night.
According to the notification, the price of diesel has been reduced from Tk 104 per litre to Tk 102 per litre.
The price of kerosene has been reduced from Tk 116 to Tk 114 per litre.
Petrol has been reduced from Tk 120 to Tk 118 per litre while Octane price has been reduced from Tk 124 to Tk 122 per litre.
Since March 2024, the government began automatic pricing of fuel in line with global market rates. Accordingly, prices are adjusted every month.
The formula for automatic fuel pricing was set out in a guideline issued on 29 February 2024. The guideline notes that octane and petrol are used more in private vehicles. Therefore, in reality, these are treated as luxury items and their prices are kept higher than diesel.
The price of jet fuel, used in aircraft, is determined by the Bangladesh Energy Regulatory Commission (BERC).
BERC has held a hearing on the price of furnace oil used in power plants, and the new rate will be announced soon.
The Energy and Mineral Resources Division determines the prices of diesel, kerosene, petrol, and octane.