State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Sunday said the government has no plan to reduce oil prices for now as Bangladesh Petroleum Corporation (BPC) may face a loss in the next fiscal year if international market prices continued to rise.
Reading out scripted answers following lawmakers` queries in parliament, he said the taka to dollar exchange rate was also increasing regularly.
Global market prices have been rising for the last one year, he said, adding that the lowest price was seen in January 2016 when the average cost per barrel was US$ 33.85, rising to US$ 66.03 in April 2017.
He said BPC still owed the government Tk 27,419.81 crore in loans as it incurred losses earlier selling fuel at subsidised rates.
The government slashed prices twice, on April 1 and 25, last year following a slump in the international market, he noted.