Govt decides to reduce fuel oil prices: Nasrul

Govt decides to reduce fuel oil prices: Nasrul

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The government has decided to reduce prices of fuel oil in the face of severe criticism as the prices in global market slumped.
State Minister for Power, Energy and Mineral Resources Nasrul Hamid said this at a press briefing held at the Secretariat on Wednesday.He said the notice of the price cut will be floated within seven to 10 days.
In the last week he said that the oil price would be reduced within the next 10 days. According to his announcement the prices were supposed to be declined within the next two days. As a result petrol pump owners are taking lower amount of fuel oil from the distributors and customers in some places are not getting the necessary amount of oil.
Fearing loss oil traders are not storing oils in their pumps. They are only selling oils on the basis of daily purchase, said sources.
The state minister said: “The petrol pumps that increased oil prices or halted oil selling will be identified and licence will be cancelled of the identified petrol pumps. There are allegations that already around 350 petrol pumps are involved in creating this man-made crisis,” he said.
“Besides, drives will be conducted against adulteration of fuel oils and their sale,” he warned.
Nasrul Hamid said the octane price will come down by Tk 10-15 per litre while diesel cost will reduce by Tk 4-5 and the prices of fuel oil will be adjusted further in the future, he said.
Oil prices internationally went on a sharp decline in 2014. Bangladesh government, however, maintained high oil prices saying that it would help the state-run oil company to make profit and flourish. – Staff Reporter

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