According to Energy Division sources, from now on diesel and kerosene will sell for Tk 105.50 per litre at the retail level instead of Tk 106.75. Price of petrol has dropped from Tk 127 per litre to Tk 121. Price of octane has been fixed from Tk 131 to Tk 125 per litre. However, The Energy and Mineral Resources Division reportedly said no notice was issued as price changes were minor.

Even though the margin to slash down fuel oil prices is minor, we welcome the move. It also demonstrates the Energy Division's commitment and a promise to control and supply consumers with fuel oil within logical and affordable range. Moreover, our business community and entrepreneurs, currently struggling to normalize their regular operations, will find some relief by the latest move. We would suggest the Energy Division authorities to re-adjust and co-ordinate energy prices every month corresponding to all prices in the international market. In addition, we call on the government to empower the Bangladesh Energy Regulatory Commission (BERC) to oversee fuel price adjustments through public hearings.

Lest we forget, adjusting fuel prices through mere executive orders, and without public hearings, reflects an authoritarian stance. It is a marked violation of consumer rights. Since we are now passing through an uncertain and transformative period, the interim government may resort to desperate measures to cope with desperate times, but not for too long. Apart from reducing fuel prices, the government also decided to curb BPC profits (Bangladesh Petroleum Corporation) which would expectantly bring down fuel oil prices even more in the coming months. The move would also control and likely reduce higher inflation rate in the country.

Nevertheless, in the past decade one after another price hike in fuel oil prices stemming out of anti-people policies have frequently irked the people. And chronic corruption, political cronyism and mismanagement, in terms of procuring fuel oil and whimsical re-adjusting of prices have unquestionably resulted in massive sufferings for the people. That said - it is high time to introduce necessary reforms and restore discipline in the energy sector as a whole. Last but not least, while adopting reforms it is important to alter and re-structure the country's energy subsidy policies. Irrational subsidy policies have prevailed over for too long.

News Link: A much awaited slash in fuel prices