State Minister for Power, Energy and Mineral Resources Nasrul Hamid has indicated that a significant adjustment will be made to fuel oil prices in Bangladesh.

Starting from Thursday, prices will be adjusted in the first week of each month under a new automatic system based on the international market, according to him.

"We want to provide reliable and affordably priced fuel and electricity. There is going to be a big change in the prices of fuel oil from tomorrow [Thursday]," he said on Wednesday.

The state minister emphasised the potential for cost savings through the automation of management and administration, suggesting that prices could decrease further if the global market remains stable.

On Tuesday, Hamid hinted at a slight reduction in the prices of petrol, octane, diesel, and kerosene as part of the initial price adjustment under the new system, though specific details on the price reduction were not provided.

Based on a decision taken on Aug 30, 2022, diesel and kerosene are priced at Tk 109 per litre, petrol at Tk 125 per litre, and octane at Tk 130 per litre.

The Energy and Mineral Resources Division released guidelines for month-to-month price adjustments at the beginning of March as part of the plans to align domestic fuel prices with the international market.

During the deputy commissioners' conference in the capital on Tuesday, Hamid also revealed that the prime minister had approved the automatic rate adjustment system, with the new pricing mechanism set to take effect this week.