First step of fuel prices cut within week: Nasrul | 2016-04-06 |

First step of fuel prices cut within week: Nasrul

Sun Online Desk     6th April, 2016 10:16:48 printer

First step of fuel prices cut within week: Nasrul

State Minister for Power and Energy Nasrul Hamid on Wednesday said the prices of fuels will be lowered within a week.


"The prices of different fuels will be brought down by Tk 6-10 per litre," he told reporters after an inter-ministerial meeting at the Power and Energy Ministry on fuel adulteration by petroleum pumps.


Currently, diesel and kerosene are selling at Tk 68 per litre, petrol Tk 96 and octane Tk 99 at petrol pumps at retail level, UNB reports.


The junior minister's remarks came as a follow-up of a recent Cabinet meeting where the government decided in principal to lower fuel prices.


Following the Cabinet meeting, the Energy Division has already decreased the price of furnace oil by Tk 18 -- from Tk 60 to Tk 42 per litre.


Nasrul Hamid also gave a hint of increasing the price of natural gas and tariff of electricity through an upward adjustment.


Sources at the Energy Division said they have initiated a file on lowering the prices of different petroleum fuels by Tk 6-10. But the file is yet to be signed by the Secretary and the State Minister.


The signed papers will be sent to the Prime Minister's Office for the Prime Minister’s final approval as she is the in-charge of the Minister of Energy and Power.


"Hopefully, the decision on price reduction may come to the public by next Saturday or Sunday," said an official of the ministry.


The State Minister said the fuel prices will be lowered in three phases. In the first phase, the prices for different fuels including diesel, petrol, kerosene and octane will come down by Tk 6-10 per litre.


Responding to a question, he said the government will gradually stop providing gas to household consumers and motor vehicles. "Only the public transports will be allowed to consume gas.”


About upward adjustment in power tariff, he said the power tariff will be increased despite the reduction in petroleum fuel prices because of the increased cost in transmission and distribution segments. "But the Bangladesh Energy Regulatory Commission (BERC) will take the final decision on power tariff adjustment through its own process," he added.


Nasrul Hamid said the licenses of those pumps will be cancelled which will be found adulterating petroleum products and pilfering in measures while selling that to consumers.


The inter-ministerial meeting, attended by officials of the Cabinet Division and the Home Minstry, decided to launch a drive from Thursday against the petrol pumps which have been operating without any licenses.