The government is considering raising the fuel prices to cut losses of Bangladesh Petroleum Corporation amid a price hike of crude oil and diesel in the global market.

Two ministers have already hinted at hiking the fuel prices, which will add to the woes of people already grappling with the spiralling prices of essentials.

In November last year, the government hiked the diesel price by Tk 15 a litre -- the highest raise since 2007. It last raised the petrol price in January 2013 by Tk 7 to Tk 96 a litre and the octane price by Tk 5 to Tk 99 a litre. The prices of both fuels, however, were slashed by Tk 10 a litre in April 2016.

Yesterday, Finance Minister AHM Mustafa Kamal said the decision on the petroleum prices is yet to be made.

"You will be informed once it is done," he said while briefing reporters virtually on the outcome of a meeting of the Cabinet Committee on Government Purchase.

He said the government always tries to bear the burden when the price of any essential item goes up in the international market. "But when the cost goes up excessively, the government bears part of the load and consumers bear the rest."

The minister, however, didn't respond when reporters told him that the BPC made profits of about Tk 50,000 crore since 2015.

Earlier on Tuesday, Nasrul Hamid, state minister for power, energy and mineral resources, also hinted at a fuel price hike.

He told reporters that the BPC is making a loss of about Tk 100 crore every day due to the price hike of fuel in the international market.

"The fuel prices have increased abnormally in the international market … We are working on a pricing model [for the domestic market] ...," he added.

According to a BPC official, the diesel price crossed $170 per barrel in the global market this week.

When the government raised the diesel price in November last year, transport owners observed nationwide strike for three days. The government gave in to their demand for raising transport fares, putting an extra burden on people.

At that time, the diesel price crossed $100 per barrel in the international market and crude oil was above $80 per barrel.

Then the crude oil price dropped for two consecutive months. But since February this year, the price started rising again and stood at $115-$120 a barrel yesterday, according to oilprice.com, an energy news site.

PURCHASE OF ESSENTIALS FROM LOCAL MARKET

Following the meeting ofthe Cabinet Committee on Government Purchase, Zillur Rahman Chowdhury, additional secretary of the Cabinet Division, said the government will buy lentils, sugar and edible oil from the local market to sell those to one crore families through "family cards" at low prices before the Eid-ul-Azha.

The committee approved a proposal for buying 13,500 tonnes of lentils (Tk 117 per kg), 15,000 tonnes of sugar (Tk 81 per kg), and 1.92 crore litres of soybean oil (Tk 201 per litre).

BLACK MONEY

Kamal said those who have plots of land or flats possess black money.

"Everyone who owns a plot of land, a house or a flat has black money. The government is responsible for this. Our system is responsible."

Explaining this, he said, "If you buy a piece of land, you will have to get it registered at a price lower than the purchase price. As the price of land has been fixed [by the authorities concerned] in every mouza, it cannot be registered at a higher price. Such a practice generates black money.

"The fact is that a flat which is registered at Tk 3 crore is actually worth Tk 10 crore. This additional amount turns into black money."

He, however, said he will not backtrack on his decision to allow legalising laundered money in the upcoming fiscal year despite growing criticism.

"I will do what I have said. You know about me. I won't leave it halfway."

He argued that the government faced criticism when it decided to give incentives to remitters. "But remittance earnings received a huge boost, thanks to the incentives. Similarly, the money that has been laundered out of the country will be brought back."

Lawmakers of both the ruling and opposition parties and economists criticised the finance minister for his budget proposal for legalising laundered money upon payment of 7 percent tax.