B Mirror Report: The price of furnace oil used in power plants and heavy industries has been increased for the month of April, the Bangladesh Energy Regulatory Commission announced on Sunday.

According to the announcement, the price has been raised from Tk 70.10 per litre to Tk 94.69 per litre. The revised rate will come into effect from Saturday night.

Earlier in February, following a public hearing, the price of furnace oil was reduced by Tk 15.90 per litre to Tk 70.10.

In a statement, BERC said the adjustment was made under Sections 34(4) and 34(6) of the Bangladesh Energy Regulatory Commission Act, 2003. The decision was taken after reviewing proposals from the Bangladesh Petroleum Corporation and oil marketing companies, along with outcomes from a public hearing.

The commission also noted that under the February 22 order, furnace oil prices are subject to revision every three months or as necessary.

As no crude oil was imported in March, the pricing was based on the average international furnace oil price and the US dollar exchange rate. A committee formed on March 15 analyzed Platts index-based average prices and exchange rate trends for March and recommended the revised price for April.

The final decision was approved at special commission meetings held on April 5 and April 12.