Dhaka: Non-governmental research organization Center for Policy Dialogue (CPD) believes that if prices are set based on market-based and international standards, it is possible to reduce fuel oil prices by Tk. 10-15. Because it is not clear how regulatory agencies set prices.
CPD gave this information at a dialogue titled 'Market-based Fuel Pricing: Government-led Initiatives and Possible Corrections' at a hotel in the capital on Thursday. The keynote address was presented by CPD Research Associate Helen Mashiat Priyoti and Program Associate Faisal Qayyum. CPD Research Director Khandaker Golam Moazzem, Special Fellow Dr. Mostafizur Rahman and Energy Expert Professor Dr. M Shamsul Alam were present. Golam Moazzem said that reforms are underway in all sectors. It is also felt in the energy sector. There is an opportunity to set fuel oil prices considering the interests of consumers. BPC does not need subsidies because they make big profits. Adjusting this profit will prioritize consumer interests, and will also have a positive impact on electricity.
In the main article, CPD said that if the price is determined based on market-based and international standards, it is possible to reduce the price of fuel oil by 10 to 15 taka. It is not clear how the regulatory agencies determine the price. CPD proposed to give the Bangladesh Energy Regulatory Commission (BERC) the responsibility, authority or legal framework to determine the price of fuel oil. They say that BERC will take the opinion of consumers through public hearings. In addition, it is important for the organization to quickly implement the pricing policy. CPD said that if you want to determine competitive prices, the interests of the consumer should be kept in mind. The price of fuel oil needs to be kept within the purchasing power of the consumer. In addition, if the price increases due to currency depreciation, it can be adjusted later. The main article says that it is not clear under which model or law the Bangladesh Petroleum Corporation (BPC) sets fuel prices. Consumers are also not comfortable with the prices. They have not received subsidies since 2015, because they make a profit. They adjust the losses by increasing the price of fuel oil.