Energy Bangla

The government has reduced the prices of fuel oil by Tk 5 a litre 23 days after raising the prices by as much as 51.68 percent. The new prices of diesel, kerosene, octane and petrol will be effective from Monday night, said State Minister for Power, Energy and Mineral Resources Nasrul Hamid. The decision to cut the prices came after the authorities on Sunday lowered the duty on diesel imports... »

The price of fuel will be adjusted soon, said State Minister for Power, Energy and Mineral Resources Nasrul Hamid. “We’re planning to adjust fuel price in line with the global market trend tomorrow or day after tomorrow,” Nasrul hoped. Talking to reporters at his ministry conference room the state minister said that concerned agencies have been assessing fuel price for adjustment. “Decision will come tomorrow or day after tomorrow in... »

Oil prices ended higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the U.S. Federal Reserve about economic pain ahead. Brent crude futures rose $1.65 to settle at $100.99 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 54 cents to settle at $93.06 a barrel. Both contracts... »

The Parliamentary Committee on Public Undertakings on Tuesday recommended adjusting the price of fuel in the country with the international market. The parliamentary watchdog suggested it to the concerned ministry, reports BSS citing a press release. The committee made the recommendation at its 15th meeting held at the Jatiya Sangsad (JS) Bhaban with its Chairman A S M Feroz in the chair. The concerned ministry is also recommended by the... »

Petrol pump owners in the country have threatened to go on strike on August 31 if their 5-point demands, including raising their sales’ commissions, are not met within next 7 days. Addressing a press conference at Dhaka Reporters Unity (DRU) auditorium in the city, the leaders of Bangladesh Dealers, Distributors, Agents and Petrol Pump Owners Association said they have no option but to close the filling stations as their commission... »

When the UK and the U.S. banned Russian oil imports, and the European Union approved sanctions that made it a lot harder to trade in Russian oil, media reports highlighted the argument that Russian could not possibly replace Europe with Asia as its biggest oil client. What wasn’t so widely reported on was China and India’s dependence on imported oil, any imported oil compatible with their refinery setups, and how... »

Higher oil export volumes, coupled with rising gas prices, will boost Russia’s earnings from energy exports to $337.5 billion this year, a 38% rise on 2021, according to an economy ministry document seen by Reuters. The jump in revenues, if it materialises, will help shore up Russia’s economy in the face of waves of Western sanctions. It will provide President Vladimir Putin with cash to fund military spending or to... »

A Russian state-owned company has now offered to sell finished oil to Bangladesh as the South Asian country does not have capacity to refine Moscow’s crude oil. Rosneft Oil Company Russia gave the proposal last week, said a high official of the Bangladesh Petroleum Corporation (BPC), on condition of anonymity. The price at which the company will supply oil could not be learnt immediately. But Bangladesh expects to get it... »

Prime Minister Sheikh Hasina has asked her colleagues to find ways to import fuel from Russia amid the lingering energy crisis. She asked them to look into the matter at a meeting of the Executive Committee of the National Economic Council on Tuesday, according to Planning Minister MA Mannan. “The prime minister said if India can import fuel from Russia, why can’t we?” the planning minister said, citing Hasina. He... »

As some media outlets came down hard on Bangladesh Petroleum Corporation for sitting on more than Tk 42,000 crore and thinning consumers’ wallets as the government hiked oil prices disproportionately, the corporation’s boss offered some explanations. BPC Chairman ABM Azad on Wednesday said BPC has ongoing projects and once it had incurred huge losses. As critics said the fuel oil price hike does not seem logical, Azad got a printout... »