A new formula has been finalised to determine the price of fuel oil in coordination with the international market, according to State Minister for Power, Energy and Mineral Resources Nasrul Hamid. “We have established a formula based on the indexing formula used by oil companies,” the state minister said in response to a question at a workshop on Tuesday. Though the price in global markets fell later on, the fuel prices were not adjusted downwards. For a few years before this, fuel was sold in Bangladesh at prices higher than in the international market. Despite concerns about energy security amid the start of the Israel-Palestine conflict, there is no alternative initiative on the matter, State Minister Hamid said.

Source: bd News24 October 18, 2023 03:57 UTC