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Diesel, kerosene made cheaper by Tk 2 a litre

Star Report
Despite much public expectations for a major price adjustment, Bangladesh Energy Regulatory Commission (Berc) yesterday barely reduced the prices of diesel and kerosene by only Tk 2 per litre, leaving the prices of other petroleum products untouched.
"The prices of diesel and kerosene have been reduced to Tk 44 a litre effective from midnight today,” said Berc Chairman Golam Rahman yesterday. Its decision came following a proposal of the energy ministry.
"A commodity like diesel is used in bulk quantities. So the price cut can benefit the consumers a lot," he claimed.
This is however the first time Berc took a decision to reduce fuel prices. Till date, the decision used to come from the government.
Energy Secretary Mohammad Mohsin added, "We had to reach a decision very cautiously. We had to consider the financial health of Bangladesh Petroleum Corporation (BPC). We also had to consider, if our prices were made lower than that of our neighbouring country, it would prompt smuggling."
Mohsin noted that in the near future there is no possibility of
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FROM PAGE 1 reducing the prices of petrol and octane which arc as high asTk77andTk80alltre
The Berc chairman met Prime Minister Sheikh Haslna yesterday morning. Following their discussion, the energy ministry sent its proposal to the commission for approval.
The government had increased fuel oil prices significantly last year as oil price crossed the 100-doilar mark, which kept soaring to 147 dollars a barrel in July. From then on, especially after the Olympics ended in China in August, oil prices have been experiencing a steady drop. Yesterday the oil dropped to 39 dollars a barrel.
While high oil prices had severely affected the health of BPC that had been counting several thousand crores of taka in loss every year for the last several years, it has been reaping a windfall of profits over the last few months.
BPC has been selling its existing stock of imported oil that it procured in late November of last year for S 55 a barrel crude and $70 a barrel refined, making Tk 6 per litre profit from diesel and kerosene, and Tk 30 from octane and petrol. It is estimated that BPC recently has been making a daily profit of Tk 4.47 crore.
BPC has 2,30,000 tonnes of diesel, 30,000 tonnes of kerosene, 9,500 tonnes of octane, and 9,600 tonnes of petrol in stock, while future imports are likely to be even cheaper.
High price of fuel plays a major role in the spiralling of prices of essentials, as diesel is widely used in irrigation and transport of goods.
Meanwhile, the government reduced fares of dieselrun .inter-district and long-route buses and minibuses by Tk 0.02 alongside yesterday, UNB reports.
An official announcement said the re-fixed fare of diesel-driven buses is Tk 0.94 per kilometer for each passenger while minibusesTk 0.97.
Besides, the fare of dieselrun buses ferried through Mawa-Paturia route is fixed at Tk 0.97 per kilometer while minibusesTk 1.00.
"The new rates of fare will take immediate effect," a government handout said.
A meeting was held between Communications Minister Syed Abul Hossain and bus owners' leaders at the ministry yesterday on fixing of the new fares.
Even though the bus owners have assured the minister that they would execute the re-fixed rates, the fact remains that they did not lower the fares when the caretaker government reduced the rates on October 26 last year.
The defiance of the government decision on fare cuts had frequently led to brawls between passengers and bus conductors on various routes.