Energy Bangla

The government could have avoided the unprecedented hike in the fuel price by checking corruption, theft and mismanagement of Bangladesh Petroleum Corporation and improving the state-run agency’s efficiency, according to the Centre for Policy Dialogue (CPD). The think-tank made the observations at a press briefing at its Dhanmondi office in the city on Wednesday. According to the CPD, the price of octane per litre in Bangladesh is Tk 10 higher... »

Commoners across the country stood shocked seeing the steepest hike in oil prices by the government overnight that fuelled wildcat protests and caused abject sufferings to commuters from early Saturday. Bus owners restricted the plying of their vehicles on the street to have higher transport fares announced, while CNG (compressed natural gas)-run three-wheelers, ridesharing motorcycles and rickshaw-pullers charged higher, worsening public woes. Launch owners also reduced their usual trips and... »

Authorities have increased bus fares by as much as 22 percent, effective from Sunday, following a record hike in fuel oil prices. Passengers will be charged Tk 2.20 per kilometre on long routes, which is Tk 0.40 or 22 percent more on long routes, according to a new decision. The authorities raised bus fares by Tk 0.35, or 16.27 percent to Tk 2.50 per kilometre in Dhaka and Chattogram city... »

The government has raised all types of fuel oil prices, which will be effective from the early hours of Saturday. As per the announcement of Energy and Mineral Resources Division, the retail prices of diesel and kerosene at the consumer level within 40km of the fuel depot will be Tk114 per litre, octane Tk135 per litre, and petrol Tk130 per litre. This matter was confirmed in a press release at... »

The OPEC+ group gave the go-ahead to lift their oil production targets for September by 100,000 bpd as recommended by the Joint Ministerial Monitoring Committee (JMMC) which met earlier today, Amena Bakr, Chief Opec Correspondent & Deputy Bureau Chief at Energy Intelligence, reported just as the ministerial meeting of OPEC+ began on Wednesday. Today’s OPEC+ meeting is the first meeting since the group decided to roll back by the end... »

The chief of Bangladesh Petroleum Corporation, the government agency responsible for importing, distributing and marketing oil and petroleum products in the country, has dismissed news reports indicating that the government initiated a rationing system at the consumer level due to a shortfall. Rather, at a press conference on Wednesday, BPC Chairman ABM Azad said the country is at no risk of shortages of fuel at the moment and such instruction... »

As a volatile global energy market puts an increasing strain on foreign currency reserves, the Bangladesh Petroleum Corporation says the ‘sluggishness’ of banks in opening letters of credit and clearing past transactions could hinder fuel imports. But the lending institutions maintain that they are doing ‘everything in their power’ to facilitate energy imports amid the ongoing crisis triggered by the war in Ukraine. Against the backdrop of a rapidly rising... »

India’s crude oil imports from Russia surged a whopping 620% or, over 7 times to $3.2 billion in the April-May 2022 period, according to the data released by the commerce ministry. The coal imports also surged 266% to $425 million for the same period. Overall, India sourced nearly 10% of its oil imports from Russia. It imported crude and petroleum oils worth $30.9 billion during the period, out of which... »

State Minister for Power, Energy and Mineral Resources Nasrul Hamid says Bangladesh may have to ‘adjust’ fuel prices to better reflect the turmoil in the international market as the Ukraine war continues to drive up costs. “The price of fuel in the global market has been climbing for the last six or seven months. The oil we used to buy for around $70-71 a barrel now costs $171 and it’s... »

The energy ministry was working on developing a suitable pricing formula for adjusting oil prices to a ‘tolerable’ level that would not affect the consumers and transport sector much, state minister Nasrul Hamid said on Tuesday. “We want the oil price not to be a burden for the consumers and the transport sector,” he said at a workshop at Bidyut Bhaban in the city. He said that the way the... »