The Bangladesh Energy Regulatory Commission (BERC) has increased the price of furnace oil by around 35 per cent, setting the new rate at Tk94.69 per litre from Tk70.10.
The revised price will take effect from midnight, the regulator said in a press release on Sunday.
The adjustment was made following a public hearing and a review of proposals submitted by Bangladesh Petroleum Corporation (BPC) and oil marketing companies, the release said.
A directive issued on 22 February allows furnace oil prices to be revised every three months or as required, according to the release.
BERC said the latest adjustment was determined based on the average international price of refined furnace oil and the exchange rate of the US dollar.
A committee formed on 15 March analysed price trends using the Platts index along with prevailing exchange rates for the month and later recommended the revised price for April, the release added.
Furnace oil is mainly used for power generation in Bangladesh, both for the national grid and captive plants.
Businesses warned the hike would increase the cost of generating captive power to run factories.
