Govt hikes furnace oil price again
FE Report | Friday, 8 April 2011
FE Report
The government on Thursday raised furnace oil price by five taka a litre to Tk 40 to cut soaring losses of state-owned oil marketing firm despite warning by manufacturers that the hike would affect their businesses. The new rate was made effective from Thursday, the director of the Bangladesh Petroleum Corporation, Mozammel Haque told the FE. The BPC is the lone marketer of the furnace oil in the country. This is the second time in ten weeks the price of furnace oil, used as an alternative to gas and diesel in factories, has been hiked. The price of furnace oil was raised by Tk 9.0 per litre on January 25. "We have increased the price of furnace oil to cut BPC's growing losses. We have been incurring huge losses due to big mismatch between import price of the fuel and its local price," he said. Officials said despite the latest price hike, the Chittagong-based BPC will still have to count a loss of nearly Tk 4.0 for every litre of furnace oil it sells in the country. Continued to page 7 col. 4
The government on Thursday raised furnace oil price by five taka a litre to Tk 40 to cut soaring losses of state-owned oil marketing firm despite warning by manufacturers that the hike would affect their businesses. The new rate was made effective from Thursday, the director of the Bangladesh Petroleum Corporation, Mozammel Haque told the FE. The BPC is the lone marketer of the furnace oil in the country. This is the second time in ten weeks the price of furnace oil, used as an alternative to gas and diesel in factories, has been hiked. The price of furnace oil was raised by Tk 9.0 per litre on January 25. "We have increased the price of furnace oil to cut BPC's growing losses. We have been incurring huge losses due to big mismatch between import price of the fuel and its local price," he said. Officials said despite the latest price hike, the Chittagong-based BPC will still have to count a loss of nearly Tk 4.0 for every litre of furnace oil it sells in the country. Continued to page 7 col. 4