The Bangladesh Energy Regulatory Commission (BERC) has reduced the price of furnace oil following two consecutive increases, setting the new retail rate at Tk 109.10 per litre, down from Tk 113.54.
In a press release issued on Tuesday, BERC said the revised price will come into effect from midnight.
The latest adjustment comes after the fuel’s price was raised by Tk 18.85 per litre on May 18, bringing it to Tk 113.54. Earlier, on April 12, the price had been increased by Tk 24 per litre from Tk 70.10 to Tk 94.69.
According to BERC, the decision was made in accordance with the Bangladesh Energy Regulatory Commission Act following proposals from the (BPC) and oil marketing companies, including , , , and .
A committee formed by the commission reviewed international refined furnace oil prices (Platts rate), crude oil prices for May and June, and fluctuations in the US dollar exchange rate for imports between May 13 and June 29 before recommending the adjustment for July.
BERC said the recommendation was approved at a special commission meeting held on June 30.
A significant portion of Bangladesh’s imported furnace oil is used for power generation. Industry insiders believe any fluctuation in furnace oil prices directly affects electricity generation costs, particularly for oil-based power plants.
