Petrol in Bangladesh cheaper than in India, Nepal, Sri Lanka

Despite the government on Friday night raising of the retail prices of petrol, kerosine, octane and diesel late on Friday night, the fuel items are still cheaper than in India, Nepal and Sri Lanka.

Even Information and Broadcasting Minister Dr Hasan Mahmud on Saturday said the fuel prices are lower than in many other neighbouring countries.

The price hike comes amid an uptrend of fuel oil price in global market under the current world situation.

The retail price of diesel at consumer level is revised to Taka 114 per liter, kerosine to Taka 114 per liter, octane to Taka 135 per liter while petrol to Taka 130 per liter. The prices came into effect from early Saturday.

Earlier on April 2016, the government reduced the price of fuel oil. If the situation comes stable, the government would then consider re-adjusting the price of fuel oil.

Different countries of the world including the neighboring countries are regularly adjusting the price of fuel oil considering uptrend of fuel oil price in global market. On May 22, the price of diesel in Kolkata was fixed at 92.76 Indian Rupee per liter while that of petrol at 106.03 Indian rupee per liter which is still in force there.

If that price is converted to Taka, then the price of diesel would be Taka 114.09 per liter while that of petrol at Taka 130.42 per liter (considering one RS equal to Taka 1.23). 

It means that diesel was being sold in Bangladesh by Taka 34.09 less per liter compared to Kolkata while petrol was being sold by Taka 44.42 per liter compared to Kolkata.

It is mentionable that the Bangladesh Petroleum Corporation (BPC) has incurred a loss of Taka 8014.51 crore in fuel oil selling over the last six months from February to July this year.

So, it has become indispensable to make rationale adjustment of fuel oil price to make normal the import operations of BPC under the global fuel oil market situation.

As of August 1, according to the Dhaka Tribune, Afghanistan was selling petrol at the lowest price which is equivalent to Tk 93.07.

Pakistan and Bhutan were following the landlocked country with petrol selling for Tk96 and Tk121.14 respectively, data from Pakistani media and the aforementioned website says. 

Cash-strapped Sri Lanka is charging the regional maximum price (Tk143.51) while Nepalese are paying the second-highest price amounting to Tk136.27, the website adds.

The newspaper converted the prices, mostly mentioned as US dollar, to the Bangladeshi currency for a better understanding.