The minister of finance has sought the opinion of the ministry of energy on how to revise prices of petroleum downwards.
As per a projection put forward recently by the country's leading think-tank, the Centre for Policy Dialogue (CPD), we find that a 10 percent reduction in fuel prices could propel the country's GDP growth rate by 0.3 percent, or in dollar terms, nearly $5.2 billion; raise its export earnings by another 0.4 percent and household consumption by about 0.6 percent.
The logic being offered by the government for not adjusting the oil price in the country with the international price is that the BPC is making up for the huge 'losses' it has run up over the years.
Bangladesh Petroleum Corporation this year is expected to log in twice the profit it counted in fiscal 2014-15 on the back of the low oil price on the international market. The benefits of this low price, however, are yet to trickle down to the consumers.