After months of criticism for maintaining high fuel prices despite an international slide, the government has decided to tone down the fuel cost next week.

Notice of the price cut will be floated within seven to 10 days, State Minister for Power Nasrul Hamid told reporters at a press briefing in his office this afternoon.

Octane price will come down by Tk 10-15 per litre while diesel cost will reduce by Tk 4-5. "The prices of fuel oil will be adjusted further in the future."

International oil prices went on a sharp decline in 2014. Bangladesh government, however, held up high oil prices saying that it will help the state-run oil company to make profit and flourish.

The government's move drew criticism from several quarters.

ACTIONS AGAINST FRAUDULENT PETROL PUMPS

The government has identified 350 fuel pumps across the country selling adulterated oil. The junior minister said the government will scrap their licenses and file cases against them.

He also threatened to scrap the licenses of those fuel pumps who are not selling oil or selling them by spreading word that the price of fuel oil is low.