Bangladesh Petroleum Corporation has put forward a proposal to the energy ministry to introduce an automated pricing formula to adjust petroleum prices against international prices on a monthly basis.
For around 15 years, Bangladesh had to struggle with import of oil because the price continued to climb from just $25 in1998 a barrel to $145 in 2008. The country's oil importing agency Bangladesh Petroleum Corporation (BPC) counted staggering losses from 1999 till mid 2014.
Bangladesh Petroleum Corporation this year is expected to log in twice the profit it counted in fiscal 2014-15 on the back of the low oil price on the international market.
The benefits of this low price, however, are yet to trickle down to the consumers.