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Oil price in the international market is on decline. The price has come down to $54 per barrel, almost half from around US$100. Oil producers are struggling to put a halt on the declining price. One the other hand, the importing countries are feeling a sigh of relief. May be there is a link between the downward price with the international energy politics. But energy analysts think this is due to North American countries’, highest importers, meeting their demand from own production, and reduced consumption in India and China than previous years. The government of Bangladesh, an import-dependent country, has already made it clear that it would not reduce the oil price in the domestic market at least for now despite demand for a cut in the backdrop of the reduced international price. The main logic behind this decision is the huge subsidy given for oil import. There is no doubt that the international oil price has created an opportunity for the government to reduce the subsidy. But the government should also take initiatives so the people get the benefit of subsidy properly. Energy & Power wishes a Happy New Year 2015 to all its readers, writers, contributors, advertisers & well wishers.

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