The government will reset the prices of fuel oil in accordance with the reduction in import duty announced on Sunday.

A decision in this regard may come in one or two days, said State Minister for Power, Energy and Mineral Resources Nasrul Hamid while talking to reporters at the Secretariat on Monday (29 August).

"Fuel price adjustment is being considered due to a reduction in tax on fuel import. However, the matter is still under review. Hopefully, change can be brought," said the state minister.

Noting that the price of fuel oil in the world market has increased again, he said, "How much adjustment can be made in this situation is also a matter."

"I hope an adjustment will happen," he told the reporters.

The government on Sunday slashed import duties on two key essentials – diesel and rice – by over 10% in a move to tame soaring commodity prices.

The Internal Resource Division under the Ministry of Finance issued two separate statutory regulatory orders in this regard on Sunday.

With the reduction, the duty on diesel imports comes down to 22.75% and that of rice to 15.25%.

On 5 August, the Energy and Mineral Resources Division hiked the diesel price by 42.5% and octane price by 51%.

The price of diesel increased by Tk34 to Tk114 per litre, octane by Tk46 to Tk135 and petrol by Tk44 to Tk130 per litre.

The price of kerosene was also increased by 42.5% to Tk114, in the across-the-board raise.