Oil prices will not be reduced soon: Muhith

Finance Minister AMA Muhith said Wednesday prices of petroleum products would not be reduced so soon though global oil rates have hit rock bottom.

"I won't agree to take any action on petroleum prices until we could assess where we stand. We paid huge subsidy in this sector in the past," he told newsmen after a pre-budget meeting with secretaries in the ministry's conference room.

Asked whether the fuel prices will be cut down in the next fiscal, he answered in the negative.  But he said ministries concerned would remain busy until July and after that the assessment would be completed in one month.

"There are multiple subsidy systems which were devised in different times. Some agencies even don't know how much they are getting as subsidy. When we can know that we are collecting huge revenue, instead of doing so, we will pass the benefit to people," he said.

Subsidies will be rationalised, the finance minister said about his budget thoughts.  

Mr Muhith said that presently Bangladesh Petr oleum Corporation (BPC) is making good profit and clearing its debts.

    syful-islam@outlook.com