Oil prices may go down in January: Muhith

The government decision to reduce the prices of fuel oil may come into effect in January, Finance Minister AMA Muhith said yesterday.
“We planned to bring the prices down in December, but it was not possible. So, we hope to do so in January,” Muhith said while replying to question of reporters at the secretariat.
“The proposal has to be sent to the prime minister as it falls under her jurisdiction. We have not been able to send it yet,” he added. “We have adjusted the prices slightly this calendar year and that is good enough,” said the finance minister.  “The adjustment was based on the $80 crude oil prices on the international market. Through prices fell to $40 at one point, they are rising once again. I believe they will end up around $60, so it is not too big,” the minister added.
“The purpose is to spread the savings and the benefits to all. As everyone is affected by the prices of fuel oils, we have decided to bring it down,” said the minister.
Though the global price of oil has been falling for two years, the government had kept oil prices unchanged to compensate the Bangladesh Petroleum Corporation for its losses.
On April 24 this year, the price of diesel and kerosene was reduced by about 4 per cent and the prices of octane and petrol were brought down by approximately 10 per cent. A few days earlier the price of a litre of furnace oil was reduced from Tk 60 to Tk 42.
The finance minister also declared 2016 a good economic year for Bangladesh, and emphasised the importance of peace and political stability.
You can see the results for yourself, Muhith said adding that the planning ministry has adjusted its goal to 7.5 per cent. We hope this estimate is correct, he said.
“According to our calculations, the 7.2 per cent growth we aimed for was very conservative. It was meant to be conservative, but we have surpassed expectations. So it has been a good year. There are still six months left in the fiscal year, but morning shows the day,” the minister concluded.

Oil prices may go down in January: Muhith

The government decision to reduce the prices of fuel oil may come into effect in January, Finance Minister AMA Muhith said yesterday. We planned to bring the prices down in December, but it was not possible. So, we hope to do so in January, Muhith said while replying to question of reporters at the secretariat. The proposal has to be sent to the prime minister as it falls under her jurisdiction. We have not been able to send it yet, he added. We have adjusted the prices slightly this calendar year and that is good enough, said the finance minister. The adjustment was based on the $80 crude oil prices on the international market. Through prices fell to $40 at one point, they are rising once again. I believe they will end up around $60, so it is not too big, the minister added. The purpose is to spread the savings and the benefits to all. As everyone is affected by the prices of fuel oils, we have decided to bring it down, said the minister. Though the global price of oil has been falling for two years, the government had kept oil prices unchanged to compensate the Bangladesh Petroleum Corporation for its losses. On April 24 this year, the price of diesel and kerosene was reduced by about 4 per cent and the prices of octane and petrol were brought down by approximately 10 per cent. A few days earlier the price of a litre of furnace oil was reduced from Tk 60 to Tk 42. The finance minister also declared 2016 a good economic year for Bangladesh, and emphasised the importance of peace and political stability. You can see the results for yourself, Muhith said adding that the planning ministry has adjusted its goal to 7.5 per cent. We hope this estimate is correct, he said. According to our calculations, the 7.2 per cent growth we aimed for was very conservative. It was meant to be conservative, but we have surpassed expectations. So it has been a good year. There are still six months left in the fiscal year, but morning shows the day, the minister concluded.