The government has slashed import duties on diesel by over 10% meaning the price of diesel is likely to come down following the cut in import duty.
According to a statutory regulatory order in this regard on Sunday issued by the Internal Resource Division under the Ministry of Finance, the import tariff on diesel has been reduced to 22.75% from 34%.
Speaking to the media, Mir Mohammad Aslam Uddin, deputy principal information officer of the power, energy, and mineral resources ministry said that the ministry officials will sit and announce a new price of diesel as soon as possible.
The government move comes amid demands from various quarters to slash import duty after the government hiked petroleum prices by up to 52% early this month to reduce the pressure of subsidies on the state coffers.
The hike has been one of the most discussed issues in the country that has further fueled the already high inflation, causing people to fall into grave distress.
Moreover, with the slash in import tax on diesel, which accounts for about 73% of the total fuel consumption in the country, by about one-third, the government aims to give some relief to the people.
Sources from the energy ministry told the media that the prices of octane and petrol may also be reduced by a small margin as Bangladesh Petroleum Corporation (BPC) has been making profits since the price hike.