Energy experts and economists argue that prolonged inflationary pressures have burdened people, while the government struggles to rein in market prices. Meanwhile, the government takes advantage of increased gas prices to generate revenue.
However, there was an opportunity to reduce the cost of fuel oil, potentially lowering prices in various market sectors, particularly in agricultural production where fuel costs are significant. Diesel, which accounts for 75 per cent of the country’s fuel consumption, has contributed to BPC’s profits in recent months.
Earlier, the organization had recorded profits for seven consecutive years. However, after incurring a loss of Tk 27.05 billion in the financial year 2021-22, fuel prices were increased once again. In March 2022, the price of crude oil in the world market reached US$140 per barrel (158.99 L), while diesel prices crossed US$170 per barrel. After this, the prices gradually declined.
