Reza Mahmud :
Fuel oil prices has decreased in the international market happily
On Tuesday, West Texas Intermediate (WTI) crude oil price in the global market was USD 71.13 and Brent Crude oil price was USD 74.53 per barrel.
Meanwhile, on Sunday, WTI crude oil price in the global market was USD 66.26 and Brent Crude oil price was USD 69.88 per barrel.
On November 5, the WTI crude oil price was USD 81.27 per barrel and Brent crude was USD 82.74 per barrel.
As the fuel prices decreased in world market, the state-owned Bangladesh Petroleum Corporation on Sunday decided to reduce the Jet and Furnace oil prices in the local market.
Experts said that such steps might have a little impact on the economy.
Earlier on November 6, State Minister for Power, Energy and Mineral Resources Nasrul Hamid told journalists that the government would reduce diesel and kerosene prices as prices dropped in world market.
The state minister has said that the BPC is yet to inform him about their profit or loss regarding the fuel prices in international market.
The decision would be taken on reducing the fuel prices.
Meanwhile, sources from BPC said that the state owned organisation began earning profit worth around Tk 7.50 million a day, as the domestic oil prices hiked and the international market dropped shortly afterward.
Meanwhile, The New Nation could not be reached to ABM Azad, Chairman, Bangladesh Petroleum Corporation while trying to get his speech on this regard on Tuesday.
Experts said, the BPC has been earning Tk 16 to Tk 40 as profit from per liter diesel in the last seven years.
But it has increased the price by 23 pc after suffering loss of Tk 13 per liter for hiking prices in international market for last several days.
Experts said, the move of hiking fuel prices add extra burden to the people’s life.
They said, the people always suffer from hiking fuel price in international market, but never gain the relief in case of reducing prices there.
They said, it is a result of unhealthy trading.
When contacted, eminent energy expert, BUET’s former Professor Dr. Ijaz Hossain told The New Nation on Tuesday, “The government should draft a firm policy to follow how and when the price would be hiked and to be decreased.”
He said, the government has taken about Tk 40,000 crore from BPC’s profit recently.
“But if those money has been deposited in the account of the BPC, the sudden price hiking may not be necessary,” the expert said.
He said, if the government wants to make the energy as revenue earning sector, then it should announce it and should prepare a policy.
When contacted, eminent energy expert Dr M Tamim, a Professor at Petroleum and Mineral Resources Engineering Department of Bangladesh University Engineering and Technology (Buet) told The New Nation on Tuesday, “The government have to make ensure people’s gaining before decreasing the oil price following the international market.”
He said, it have to follow more several days about the stability of international oil market prices.
