Bangladesh to cut oil prices by up to 10%

Reuters - Bangladesh will cut oil prices by up to 10%, a government minister said on Sunday, amid growing calls from business groups.

Global oil prices, which had tumbled since 2014, are picking up again amid signs a persistent supply glut may be easing. However, they remain way below the highs of 2009.

Bangladesh last raised oil prices in 2013 when the price of oil per barrel jumped to $122, compared with $45 on Friday. It has kept prices unchanged over the last two years to help state-owned Bangladesh Petroleum Corporation to offset its previous losses.

Prices of petrol and 95-octane gasoline have now been reduced by 10 taka per litre and diesel and kerosene by 3 taka a litre, said Nasrul Hamid, junior minister for power, energy and mineral resources.

After the reduction, a litre of petrol will cost at 86 taka ($1.1) and 95-octane gasoline at 89 taka while a litre of diesel and kerosene will cost at 65 taka.