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The price of fuel oil is the highest in seven years

Md Magem Ali
January 15, 2022 6:12 am
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Special Correspondent

The price of fuel oil has risen in the world market. At the beginning of the new year 2022, the price of fuel oil in the world market has become quite strong. In the second week as well as the first week of the year, there was a big rise in the price of fuel oil in the world market. After October 2014, that is, after almost seven years and three months, the highest price of fuel oil has come up.

In the last one week, the price of crude oil in the world market has increased by about 6 percent. Brent crude oil prices rose more than 5 percent. And the price of heating oil has risen above 6 percent.

In the first week of the year, crude oil prices rose by about 5 percent. Brent crude oil prices rise above 5 percent. The price of heating oil rises by about 6 percent. In the first two weeks of this year, crude oil prices rose by 12.3 percent, Brent crude oil by 11.16 percent and heating oil by 13.29 percent.
Earlier, at the end of October last year, the price of oil in the world market started to increase by leaps and bounds. In this context, the government increased the price of diesel and kerosene in the country’s market on November 3. On the same night, the Ministry of Power, Energy and Mineral Resources announced to increase the price of diesel and kerosene by Tk 15 per liter.

The statement said that due to rising oil prices in the international market, India and other countries of the world are adjusting their oil prices. On November 1, the market price of diesel in India was 124.41 rupees or 101.56 rupees per liter. In Bangladesh, the price of diesel is 75 rupees per liter, which is 59.41 rupees less.

It further said that considering the current purchase price, Bangladesh Petroleum Corporation (BPC) is selling diesel at a reduced rate of Tk 13.01 per liter. On the other hand, Furnace Oil is selling at a decrease of Tk 6.21 per liter. By doing so, BPC is causing a loss of around Tk 20 crore every day. Bangladesh Petroleum Corporation has incurred a loss of Tk 728.61 crore in October due to supply of various grades of petroleum products at current prices.

Car rentals have also been increased in the wake of rising diesel and kerosene prices. The increase in the price of diesel and kerosene in the country’s market has been criticized by various quarters. At the same time, the increase in car rental was also criticized. In this situation, in a virtual briefing on November 8, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said that if oil prices fall in the international market, prices will also come down in the country.

He said the price of fuel oil has not been increased. We have adjusted the price of fuel oil in line with the world market. The government has taken this decision to stop price rise and smuggling all over the world including India.

However, after the rise in prices in Bangladesh, the price of oil in the world market tends to fall and the price of oil remains in decline for 6 consecutive weeks. It dropped from ড 64 to ৬৬ 8 a barrel of crude oil. However, the price of oil in the country’s market has not been reduced.
Meanwhile, in the second half of December, after six consecutive weeks of decline, world oil prices are expected to rise again. Even at the beginning of the new year 2022, the trend of rising fuel prices continues.

In the first week of the new year, the price of crude oil rose 4.95 percent to ৭৮ 8.93 per barrel. In the second week of the year, the price of crude oil rose by 7.69 percent to দশ 74.28 per barrel. As a result, the price of crude oil has risen by 19.25 percent in one month. Through this, crude fuel oil is now at the highest price in the world market since October 2014.

Brent crude oil prices also rose in the first two weeks of the new year. Brent crude rose 5.12 percent to দশ 61.6 a barrel in the first week of the year. In the last week or so, the price of Brent crude oil rose 5.6 percent to ৮৬ 8.46 a barrel. As a result, the price of Brent crude oil has increased by 18.20 percent in a month.

On the other hand, last week, the price of heating oil rose by 7.14 percent to ৬ 2.83 per gallon. In the first week of the year, the price of heating oil increased by 7.63 percent. As a result, the price of heating oil has increased by 18.73 percent in a month. With this, the price of heating oil is now the highest since September 2014.

Earlier, on April 20, 2020, oil fell into the highest price in the history of the world market due to the outbreak of Coronavirus epidemic which spread all over the world. On that day, the price of crude oil fell below the negative 38 per barrel.

After this record fall in price, of course, oil prices continue to rise. The price of crude oil was hovering around ৪ 40 a barrel for most of 2020, despite a record drop in prices.

But a resurgence of the global epidemic of coronavirus infections and an increase in Libya’s oil reserves have led to a sharp drop in world oil prices. In the last week of October 2020, crude and Brent crude oil prices fell by about 10 percent.

However, after the shock of this fall, the price of oil started rising again from November of that year. However, the price of crude oil per barrel will be below ৫০ 50 by 2020. Oil prices are expected to rise in early 2021. In the second week of February 2021, the price of crude oil rose to ৬ 80 per barrel for the first time in a few rounds. With this, the oil goes back to the price before the epidemic started.

However, the trend of rising oil prices since June last year has taken a new turn. For the first time since October 2016, in the Corona outbreak in June last year, crude oil was sold.