Decision on adjustment of fuel oil price likely soon: State minister

The government is going to adjust the fuel oil prices following the reduction in import duty and withdrawal of advance tax on diesel import.

A decision is likely to be taken to this end in a day of two, state minster for power, energy and mineral resources Nasrul Hamid said in reply to queries form newsmen at the secretariat on Monday.

The government raised the prices of fuel oil including diesel, sparking criticisms.

On Sunday, the government withdrew 5 per cent advanced tax on the import of diesel and reduced the import tariff from 10 per cent to 5 per cent. Since then talks on possible reduction in prices of diesel, petrol and octane began.

Replying to queries from newsmen, Nasrul Hamid said there has been some tax facilities, that is why adjustment of full oil price is being considered, but the matter is still being examined.

Hopefully, a change in fuel price will be possible, but global oil price increased again, he added.

How much price will be adjusted that decision is yet to be taken. Perhaps, a decision will be taken in a day or two, Nasrul Hamid said adding, “I hope price will be adjusted.”