The government has reduced the prices of fuel oil by Tk 5 a litre 23 days after raising the prices by as much as 51.68 per cent.
The new prices of diesel, kerosene, octane and petrol will be effective from Monday night, said State Minister for Power, Energy and Mineral Resources Nasrul Hamid, reports bdnews24.com.
The decision to cut the prices came after the authorities on Sunday lowered the duty on diesel imports to 5 per cent from 10 per cent. The finance ministry also waived advance tax on diesel imports.
Officials at the National Board of Revenue said the latest decisions mean taxes for diesel imports have been reduced by 11.25 percentage points to 22.75 per cent overall.
As production and transport costs went up due to the fuel oil price hike, traders raised prices of all commodities, from bus fares to the prices of rice and eggs.
To cool off the prices of rice, the government on Sunday lowered the regulatory duty on rice imports to 5 per cent from 25 per cent and waived all import duties.