State Minister for Power, Energy, and Mineral Resources Nasrul Hamid hinted at a possible reduction in the price of fuel oil starting this month.
"The price of fuel oil is currently available at an affordable rate in the global market. An automatic price adjustment system for imported fuel prices is set to be introduced from the early weeks of March," said Nasrul Hamid, while addressing reporters at the secretariat on Sunday.
“If the process of price adjustment can be initiated, the cost of fuel oil is expected to decrease. However, this initiative is contingent upon Prime Minister Sheikh Hasina's approval, which is currently pending,” he added.
The state minister mentioned that his department aims to have the fuel price adjusted every month.
When questioned about the potential average decrease in fuel oil prices, Hamid responded, "It cannot be determined at this moment. We aspire to make it more affordable."
In response to inquiries about whether the reduction would apply to all types of fuel oil in the initial pricing month, the state minister expressed optimism, stating, "We expect that as well, as it will be in accordance with the formula.”
The state minister disclosed the plan to introduce an automatic fuel price adjustment system on 4 January, expected to be implemented within two months.
“Under the system, when the price goes up or down in the global market, local prices will be automatically adjusted to reflect the new price," he said.