Muhith gives fresh deadline

Finance minister AMA Muhith on Wednesday gave a fresh deadline of January to cut fuel oil prices in the local market. 
He gave the deadline after failing to slash the oil price in the outgoing month which was the previous deadline.
Talking to the reporters after receiving Tk 30 crore dividend from Sadharan Bima at the secretariat, Muhith said he would discuss the proposal for downward price adjustment of fuel oils with the prime minister.
He, however, said the proposed cut would not be a big one as the price of fuel oils was increasing in the global market.
Per barrel fuel oil was selling at $56 in the international market in last month from $49. The price was $100 per barrel two years ago.
The government is selling fuel oils at much higher price than the purchased price that enabled the state-owned BPC to make hefty profit. 
Once a loss-making entity, BPC made a profit of about Tk 7,500 crore paying Tk 5,950 crore in taxes in 2015-16.
On November 17, Muhith said prices of fuel oils should be slashed for higher economic ‘momentum.’
Although the government had committed to cut oil prices substantially in quick succession because of falling price in the global market, it was yet to go by the commitment.
The government cut oil prices in the domestic market six months ago due to severe criticisms.
On April 25, the government cut the prices of octane and petrol by Tk 10 a litre and diesel and kerosene by Tk 3 per litre.
The price of diesel and kerosene was reduced to Tk 65 from Tk 68 a litre, octane to Tk 89 from Tk 99 and petrol to Tk 86 from Tk 96 a litre.

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