Despite Strong Profits, BPC Hikes Fuel Prices While Global Oil Rates Decline
Fuel prices in the international market are gradually declining. Bangladesh Petroleum Corporation (BPC) has been making profits for several years. In the 2024–25 fiscal year, after deducting all expenses, BPC made a net profit of Tk 4,316 crore. In this situation, questions have been raised over the decision to increase fuel prices instead of adjusting and reducing them.
Last Sunday, the Ministry of Power, Energy and Mineral Resources issued a notification increasing the price of fuel by Tk 2 per liter. The new prices came into effect yesterday, Monday. The price of diesel has been increased from Tk 102 to Tk 104, petrol from Tk 118 to Tk 120 per liter, and octane from Tk 122 to Tk 124. The price of kerosene has been increased from Tk 114 to Tk 116 per liter.
Throughout November, the price of Brent crude oil in the international market averaged around USD 60 per barrel. Over the past 52 weeks, the lowest price of Brent crude was USD 58.40 and the highest was USD 82.63. At the same time, the price of WTI crude dropped to USD 58.33 over the past month. Essentially, oil prices have been declining since the middle of this year. As of yesterday, Monday, the price of Brent crude stood at USD 63.33. WTI crude was at USD 62.20, and the price of Murban crude was USD 65.35.
Regarding this, Professor Muhammad Sekandar Khan, former Vice Chancellor of East Delta University, said, “Fuel prices are supposed to be adjusted in line with the international market. Recently, global prices have decreased. On the other hand, BPC has been making profits year after year. These two factors should have been considered when increasing fuel prices. Instead of reducing prices, the government has increased the price of fuel by Tk 2 per liter. This increased price is not supposed to have a major impact at the consumer level. But in our country, whenever fuel prices increase, the prices of various goods are raised irrationally. The government needs to monitor this issue.”
