Energy Bangla

Artificial Fuel crisis is being seen in the Petrol Pumps throughout the country. Depot owners reduced unloading oils, after the government’s recent announcement on reducing oils prices. Hence, the crisis is diffused throughout the Petrol Pumps as well. As a result, consumers have not been able to get required amount of oils from the petrol pumps. According to the related sources, there has been no oil in almost 250 Petrol Pumps from Friday to Tuesday.... »

Oil prices extended losses in Asia Thursday following a rise in US commercial crude stockpiles, while traders turned cautious ahead of a crunch producers’ meeting. A warning by the Organization of the Petroleum Exporting Countries that the world remains oversupplied also dampened sentiment as key producer nations prepared to gather in Doha for Sunday’s talks on freezing output. At around 0250 GMT, US benchmark West Texas Intermediate for delivery in... »

After a 50 percent rally in oil prices between February and March, crude has retreated a bit as of late. The upcoming OPEC-Russia meeting in Doha looms over the markets, but few expect the outcome to have any material impact on supply and demand. Global supply still exceeds demand, but there are solid signs that the overhang is finally starting to ease. Storage levels are high, but are expected to... »

A proposal for reducing oil prices has been sent from the energy division to the prime ministers office for approval. The proposal was sent on this Thursday. Sources from energy division have confirmed this news. According to the sources, this proposal includes the price cut issue of Diesel, Kerosin, Octane and Petrol. A revised pricelist on these fuels is going to be published as a gazette after it gets accredited... »

A circular to adjust prices of octane, petrol, diesel and kerosene will be issued within ‘seven to 10 days’, says State Minister for Power, Energy and Mineral Resources Nasrul Hamid. “We want to offer a reasonable rate,” he said on Monday at his office. Speaking to the media, the minister initially said a circular would be issued within seven days, but later revised that to ‘within seven to 10 days.’... »

Oil slipped to a one-month low on Tuesday after a surprise fall in gasoline demand in the United States, the world’s largest oil consumer, and on doubts whether oil producers can agree an output freeze to dampen a global supply glut. U.S. gasoline demand, one of the strongest pillars supporting oil consumption, fell in January for the first time in 14 months, U.S. Energy Information Administration data showed. The world’s... »

The price of all other Petroleum oils is going to be reduced soon as the price of Furnace oil is already being cut, stated by the State Minister for Power, Energy and Mineral Resources Nasrul Hamid. Nasrul Hamid confirmed about this price cut on Monday, while talking with the journalists at secretariat. The state minister said that, initiatives are about to be taken to cut the price in three phases.... »

The government has reduced the price of furnace oil amidst a growing demand for cuts in prices of all types of fuel oil. The power, energy and mineral resources ministry announced on Thursday a cut of Tk 18 a litre, bringing down the furnace oil price from Tk 60 a litre to Tk 42 The new retail price will take effect at midnight. Furnace oil is usually used to generate... »

The government is set to start importing refined petroleum products at lower costs under the re-introduced open tendering that would replace the purchase under term deals. Under the new procurement system, the BPC has picked up best offers from ENOC and Unipec for oil supply. The state-owned Bangladesh Petroleum Corporation (BPC) has already recommended awarding tender to Emirates National Oil Company (ENOC) and Unipec Singapore Pte Ltd to get supply... »

Bangladesh will import 1.3 million tonnes of crude oil from Saudi Arabia and the United Arab Emirates (UAE) at a cost over Tk 43.98 billion. The cabinet committee on public purchase approved Wednesday this big buy of petroleum fuel alongside seven other projects worth a total of Tk 51 billion. Eastern Refinery Ltd will import 0.6 million tonnes of crude at a cost of Tk 21.33 billion from Abu Dhabi... »