The government has reduced the price of furnace oil to Tk42 from Tk60 per litre.
The Power, Energy and Mineral Resources Ministry has issued a gazette notification regarding the price cut on Thursday.
The newly fixed price will be on effect from midnight on Thursday.
The country’s state-run Bangladesh Petroleum Corporation (BPC) imports the oil from 13 international companies.
At present, the BPC imports around 1.2 million tonnes of crude oil and 4.2 million tonnes of refined oil, while around 300,000 tonnes of petroleum products are received from different gas fields and private fractionation plants.
Crude oil is processed only at Eastern Refinery Limited to produce diesel, petrol, octane, furnace oil and liquefied petroleum gas.
The BPC had adjusted oil prices upwards in 2013 when the rate of the commodity per barrel rose to $122 in the international market. It fixed the per litre octane price at Tk99, petrol at Tk96, diesel at Tk68 and furnace oil at Tk60 at the time.
The state-owned enterprise has been maintaining the same prices though the oil price dropped to less than $40 a barrel globally in the last two years.
