Energy Bangla

State Minister for Power, Energy and Mineral Resources Nasrul Hamid today said that a policy preparation work is underway to allow private sector for importing and selling fuel. “Ensuring supply of fuel at a lower price is the main problem now. Apart from the government, private sector can also import fuel and sell it to the consumers,” he said this while addressing a seminar at Bidyut Bhaban as a guest... »

Oil prices fell more than 3% on Wednesday, continuing a streak of volatile trading, as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level and as gasoline inventories in the United States built by more than analysts’ expected. Brent futures for January delivery fell $2.95, or 3.3%, to settle at $85.41 a barrel. U.S. crude fell $3.01, or 3.7%, to $77.94... »

Saudi Arabia rejected as “not based on facts” statements criticising the kingdom after an OPEC+ decision last week to cut its oil production target despite US objections, saying it serves the interests of both consumers and producers. The OPEC+ decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.... »

State-owned Bangladesh Petroleum Corporation (BPC) will probably need to pay an additional $800 million to $1 billion this fiscal for costly fuel imports due to soaring fuel prices in the international market and fluctuations in dollar rate. Besides, additional import of liquid fuel due to scarcity of gas has swelled the import bills, BPC Chairman ABM Azad told. “We have to spend around $4 billion to procure 6.5 million tonnes... »

The Energy Division has issued a gazette notification on Monday night introducing the “automated pricing formula” for internal pricing of octane, petrol, naphtha , condensate and all other crude petroleum products which are usually refined or produced at different gas fields or the Eastern Refinery on the seventh date of every month. As per the notice, Bangladesh Petroleum Corporation (BPC) will fix the price of the items as per proposal... »

OPEC and its allies led by Russia on Monday agreed on a small oil production cut to bolster prices that have slid on fears of an economic slowdown. The oil producers will reduce output by 100,000 barrels per day (bpd), amounting to only 0.1% of global demand, for October and also agreed they could meet any time to adjust production before the next scheduled meeting on Oct 5. The decision... »

The Kremlin said on Friday that Russia would stop selling oil to countries that impose price caps on Russia’s energy resources – caps that Moscow said would lead to significant destabilisation of the global oil market. “Companies that impose a price cap will not be among the recipients of Russian oil,” Kremlin spokesman Dmitry Peskov told reporters in a conference call, endorsing comments made on Thursday by Deputy Prime Minister... »

Tawfiq-e-Elahi Chowdhury, the prime minister’s adviser on power, energy and mineral resources, believes the United States will not stand in the way of Bangladesh purchasing fuel from Russia in the face of a volatile global oil market. In a media briefing at the Prime Minister’s Office on Wednesday, Chowdhury said his view on the matter was based on his recent meeting with Jose Fernandez, US under secretary for economic growth,... »

State Minister for Power, Energy and Mineral Resources Nasrul Hamid today asked the officials concerned to implement initiatives taken to make filing station quality and aesthetic. “It is must to keep wash block clean and adequate in the filing stations,” he said this while speaking at a review meeting on GPS location based filling station management system and layout/design/model preparation for new filing station in light of existing policies at... »

Experts think the government’s decision to slash fuel prices by Tk 5 a litre after the 50 percent average hike 23 days ago will not help in the “slightest” to ease the lives of citizens. However, many experts believe it will allow transport owners to save up expenses on daily trips. On Aug 6, the government increased diesel and kerosene prices from Tk 80 to Tk 114 per litre, petrol... »