The government will cut the prices of fuel oil next week following a global downtrend in the petroleum market.

A notice of the price cut would be issued within seven to 10 days, State Minister for Power, Energy and Mineral Resources Nasrul Hamid Bipu told reporters at a press briefing at his office yesterday.

The prices of octane and petrol will be lowered by Tk 10-15 and that of diesel and kerosene by Tk 4-5. “The prices of fuel oil will be adjusted further in future if the slide in the international market continues.”

Oil prices in the international market have been falling since 2014. However, the government did not lower the oil prices, saying that it would help state-run Bangladesh Petroleum Corporation (BPC) to make profit and flourish.

The government's move drew criticism from several quarters.

ACTIONS AGAINST FRAUDULENT PETROL PUMPS

The state minister warned petrol pump owners saying that their licences would be cancelled if anyone stops selling petroleum fuel fearing loss after their price cut.

Legal actions would be taken against them, he said.

Moreover, the licenses of petrol pumps selling adulterated oil would also be cancelled and cases would be filed against them, he said, adding that the government already had identified 350 such fuel pumps across the country.