The Bangladesh Energy Regulatory Commission (BERC) on Sunday reduced the retail price of furnace oil supplied by the Bangladesh Petroleum Corporation (BPC) by Tk 15.90 per litre, effective from midnight.

Under the new rate, furnace oil will be sold at Tk 70.10 per litre, down from the previous price of Tk 86 per litre, according to a BERC press release issued in the afternoon.

The commission said the price was re-fixed in line with Sections 34(4) and 34(6) of the Bangladesh Energy Regulatory Commission Act, 2003.

BERC noted that BPC had submitted a proposal on January 20, 2024 seeking a revision of furnace oil prices. Subsequently, state-run oil marketing companies also proposed increases in their marketing and composite transportation charges.

Among them, Meghna Petroleum Limited submitted its proposal on May 26, 2025, Standard Asiatic Oil Company Limited on June 3, Jamuna Oil Company Limited on June 26, and Padma Oil Company Limited on July 11.

A public hearing on the proposals was held on January 29 this year. Stakeholders and interested parties were allowed to submit written opinions until February 3 following the hearing.

After reviewing and analysing all proposals and opinions in detail, the commission exercised its authority under the law to re-determine the price, the release said.

As per the new decision, the marketing charge for furnace oil has been set at Tk 0.72 per litre for Padma Oil Company, Meghna Petroleum, Jamuna Oil Company and Standard Asiatic Oil Company. The composite transportation charge has been fixed at Tk 1.20 per litre.

BERC said the revised retail price of furnace oil will come into effect nationwide from 12:00am Sunday night.

Furnace oil is a high-viscosity, cost-effective, and energy-dense residual fuel derived from petroleum refining, primarily used in industrial and heavy-duty applications.

Its key uses include powering industrial furnaces, boilers,, and kilns for heating, steam generation, manufacturing, and as a fuel in marine vessels and power generation plants.