Bangladesh to cut petroleum price by 8-12% by next week

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Dhaka, Oct 21 (UNI) Bangladesh will cut the price of petroleum fuel by 8 to 12 per cent in the wake of sharp fall in its prices in international market.

Talking to reporters today, Dr M Tamim, a special assistant for the Chief Advisor on Energy Affairs, said the price will be slashed within this or next week.

He, however, said although the prices on the international market have come down to a half, but the government would not go to that limit as there might be a chance for the petroleum to be smuggled out to neighbouring countries for lower price.

Last July, the military-backed caretaker government raised prices of different petroleum fuels by 36 per cent when the price of crude oil crossed a benchmark of 147 dollars per barrel.

But now the price is coming down to below 70 dollars per barrel.

Dr Tamim said the government will make adjustment in the petroleum price every three months on a regular basis and a formula is being worked out for automatic adjustment.

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