Further reduction in fuel oil prices likely this month
Monday, 8 December 2008
FE Report
Chief Adviser's Special Assistant M Tamim Sunday hinted at the possibility of further lowering the fuel oil prices within the current month.
"We are reviewing the global market. There may be a possibility of downward adjustment of the fuel oil prices even within this month," Professor Tamim told newsmen in the sideline of a seminar at Petrobangla headquarters in the city.
The Petrobangla organised the seminar titled "BAPEX: Beyond the horizon" to discuss the future plans regarding exploration and production of gas of the state-run entity. Chaired by the Petrobangla chairman Jalal Ahmed, the seminar was also addressed by Energy Secretary Mohammad Mohsin.
Dr. Tamim, who is in charge of Power, Energy and Mineral Resources, also said reduction of the fuel oil prices depends mainly on two factors - the global rates of petroleum oils and their current prices in India.
"The government can consider slashing the fuel-oil prices at the domestic level if their prices remain low in the international market," he said.
Professor Tamim went on: "If the prices of fuel oils are considerably higher in India than that in Bangladesh, then there is a possibility of it being smuggled out to the neighbouring country."
He also mentioned that the issue of reducing the fuel oil prices would be considered on the basis of a three-month average price of the global market.
Speaking on the seminar as the chief guest, the CA's special assistant, however, reiterated his appeal to the country's major political parties to arrive at a consensus on the issue on developing the country's energy sector.
Stressing the need for strengthening the capacity of the state-run BAPEX, he also observed that the matter was entirely dependent on the political will of the next elected government.
He said since the country's independence the BAPEX has received the highest ever financial support from the present interim government.
Earlier, the government had reduced the prices of fuel oils by nearly 11.73 per cent on an average in late October consistent with a drastic fall in the price of crude oil in the global market.
Announcing the price cut, Dr. Tamim said the government would review the prices of fuel oils after every three months.
"If the petroleum prices fluctuate at a rate of 10 per cent and above in the global market, then the rates will be readjusted further at the domestic level," he said.
The global price of crude oil has drastically fallen to around US$ 42 a barrel compared to $ 147 a few months back.
Chief Adviser's Special Assistant M Tamim Sunday hinted at the possibility of further lowering the fuel oil prices within the current month.
"We are reviewing the global market. There may be a possibility of downward adjustment of the fuel oil prices even within this month," Professor Tamim told newsmen in the sideline of a seminar at Petrobangla headquarters in the city.
The Petrobangla organised the seminar titled "BAPEX: Beyond the horizon" to discuss the future plans regarding exploration and production of gas of the state-run entity. Chaired by the Petrobangla chairman Jalal Ahmed, the seminar was also addressed by Energy Secretary Mohammad Mohsin.
Dr. Tamim, who is in charge of Power, Energy and Mineral Resources, also said reduction of the fuel oil prices depends mainly on two factors - the global rates of petroleum oils and their current prices in India.
"The government can consider slashing the fuel-oil prices at the domestic level if their prices remain low in the international market," he said.
Professor Tamim went on: "If the prices of fuel oils are considerably higher in India than that in Bangladesh, then there is a possibility of it being smuggled out to the neighbouring country."
He also mentioned that the issue of reducing the fuel oil prices would be considered on the basis of a three-month average price of the global market.
Speaking on the seminar as the chief guest, the CA's special assistant, however, reiterated his appeal to the country's major political parties to arrive at a consensus on the issue on developing the country's energy sector.
Stressing the need for strengthening the capacity of the state-run BAPEX, he also observed that the matter was entirely dependent on the political will of the next elected government.
He said since the country's independence the BAPEX has received the highest ever financial support from the present interim government.
Earlier, the government had reduced the prices of fuel oils by nearly 11.73 per cent on an average in late October consistent with a drastic fall in the price of crude oil in the global market.
Announcing the price cut, Dr. Tamim said the government would review the prices of fuel oils after every three months.
"If the petroleum prices fluctuate at a rate of 10 per cent and above in the global market, then the rates will be readjusted further at the domestic level," he said.
The global price of crude oil has drastically fallen to around US$ 42 a barrel compared to $ 147 a few months back.