Good News: Fuel Oil Prices Drop in Adjustment with International Market
Bringing a message of relief for common people, the new price list of fuel oil has come into effect from today. The government has announced a reduction in the prices of diesel, petrol, and octane in adjustment with the international market. This information was given in a notification issued by the Ministry of Power, Energy and Mineral Resources on Saturday (January 03) morning. According to the new rate, diesel and kerosene have been reduced by Tk 3 per liter and petrol and octane by Tk 4.
Impact on Transport and Agriculture
This reduction in fuel oil prices is expected to reduce transport costs and agricultural production costs. Farmers will directly benefit during the irrigation season as diesel prices drop. Leaders of bus and truck owners' associations also welcomed the government's decision. They say if fuel prices drop, reducing fares will be considered, which will also have a positive impact on the commodity market.
Automated Pricing Mechanism
Since last year, the government has introduced an automated method or 'Automated Pricing Formula' to determine fuel oil prices in line with the international market. Following this, as oil prices in the world market are downward, it has been reflected in the local market. Ministry officials say that due to this system, it is possible to set prices transparently without any subsidy and the people are getting its benefits.
Reaction of Consumer Rights
Consumers Association of Bangladesh (CAB) applauded the decision to reduce prices but commented that it is not enough. According to them, prices in the world market have dropped much more, compared to that, the reduction in the country is insignificant. They demanded further reduction in oil prices to bring it within the purchasing power of common people. At the same time, they demanded strict government monitoring to ensure that passengers get the benefits of reduced oil prices.
Crowds at Pumps
Crowds of cars and bikes have been noticed at various petrol pumps in the capital since morning following the news of the price drop. Drivers say even a reduction of Tk 4 per liter is a big saving at the end of the month. However, they complained about giving less in measurement and the quality of oil. BPC said their drive to maintain the quality of oil will continue.
