Fuel Prices May Be Adjusted: Nasrul Hamid

State Minister for Power, Energy and Mineral Resources Nasrul Hamid said that a decision can be made regarding the adjustment of fuel oil prices within the next two-one days.

He said this in a press conference organized at the Secretariat today, Monday (August 29).

Regarding the adjustment of fuel oil prices, State Minister Nasrul Hamid said that some benefits were available during the importation of oil regarding our advanced income tax. Because of that advantage, we are thinking that maybe we can adjust the price of oil a little bit. The account is still being verified. We hope that a change can come here.'

He also said, since the government has reduced the duty a bit, it may be a bit for us... the oil market has increased again. Now it has gone above 150, which was 130 a few days ago. Here's how much we can adjust in this situation... because here a big chunk of subsidy will be added. When diesel was 114, there was a subsidy of over tk 8. Now maybe that place will grow even more. But still how much it will be adjusted after reducing, is not yet decided. Maybe we can make a decision today or tomorrow.

Meanwhile, Bangladesh Petroleum Corporation (BPC) Chairman ABM Azad (NDC) said that the government will decide whether to reduce the price of fuel oil in the country's market.

Talking to reporters at the BPC office today, Monday (August 29), he said that the reduction of VAT-tax on the price of fuel oil is being investigated to what extent the cost will be reduced. However, the government will decide whether the price will be reduced in the retail market.

Earlier, the National Board of Revenue (NBR) waived off all types of advance tax on diesel on Sunday (August 28). Besides, the import duty has been reduced from 10 percent to 5 percent.

Meanwhile, he also said that the strike of petrol pump owners on August 31 has been postponed. Mohammad Nazmul Haque, President of Petrol Pump Owners Association, who was present at the time, complained that consumer rights are being harassed by raiding petrol pumps without knowing the rules.