Energy Bangla

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Dhaka Monday,  Apr 22, 2019

Petroleum

Finance Minister Abul Maal Abdul Muhith has said the government will start adjusting domestic oil prices in keeping with the slump in international market. He made the statement at the post-budget press conference at Osmani Memorial Auditorium in Dhaka on Friday. To a question, the minister said: “We’ve not yet made any adjustment after oil prices declined in the international market. “Our (Bangladesh Petroleum Corporation) is buckling under huge loan... »
Finance Minister AMA Muhith on Wednesday said the government is not going to lower the fuel price anytime soon despite its fall in the international market. He said this while talking to reporters after a pre-budget discussion with the secretaries of different ministries. Muhith said the government is planning to make the best use of the opportunity to recoup the losses incurred by providing subsidies to the Bangladesh Petroleum Corporation... »
(Reuters) – OPEC countries are set to maintain current production levels at a meeting next month, three delegates said, as Gulf states continue to focus on market share and a rally in crude prices mutes calls from other members for supply cuts. While the June 5 meeting in Vienna is likely to hear demands from some members of the Organization of the Petroleum Exporting Countries for a reduction in the... »
Bangladesh Petroleum Corporation is making a whopping profit of Tk 13 to Tk 36 per litre on petroleum products on the back of the sliding global oil prices since June last year. The production cost of octane is Tk 56.85 per litre but the customers are buying it for Tk 99, giving the state-run corporation a profit of Tk 35.49 per litre. The profit margin is Tk 13.77 per litre... »
Bangladesh Petroleum Corp (BPC) has issued an international tender to sell 170,000 barrels of naphtha for May 24-26 loading from Chittagong, a company official said on Tuesday. The tender will close on May 5, with validity up to May 12. The offer came after Asian naphtha crack fell to $99 a tonne on Monday, as expectations of high supplies coming to the east next month from Europe pushed it lower... »
MUMBAI: India’s state-run oil marketing companies have reduced retail prices for petrol by Rs 0.80 a litre and retail price of diesel by Rs 1.30 a litre responding to lower crude oil prices. The new rates would be effective from April 16. Prior to this, the oil marketing companies had cut price of petrol by 49 paise and diesel by Rs 1.21 for every litre from April 2. “Since last... »
OPEC has been the most talked about international organization among investors, analysts and international political lobbies in the last few months. When OPEC speaks, the world listens in rapt attention as it accounts for nearly 40 % of the world’s total crude output. With its headquarters in Vienna, Austria, one of the mandates of 12- member OPEC is to “ensure the stabilization of oil markets in order to secure an... »
NEW YORK: After prior day’s heavy gains, crude prices took a pounding on Thursday on news of a tentative agreement on Iran’s nuclear program. The Iranian nuclear talks ended in Lausanne, Switzerland with all sides reaching a agreement that the Iran’s enrichment capacity, enrichment level and stockpile will be limited for specific duration and there will be no other enrichment facility than the country’s Natanz nuclear plant, reports Xinhua. EU... »
The government plans to divert budgetary allocation set aside for fuel oil subsidy to implement the pay hike for public servants from next July. Finance ministry officials said plummeting fuel oil price in the international market had created scope for saving a large portion of the subsidy meant for fuel oils. Bangladesh Petroleum Corporation acting chairman A M Badrudduja said the corporation made a profit of Tk 48.15 crore, first... »
The government has reduced tariff of different refined petroleum fuels at condensate fluctuation plants as the private sector gets more profit from it taking advantage of lower crude fuel prices on the international market. The latest adjustments will take effect from November 2014 but it will not impact the consumers end, official concern said. A gazette to this end has already been issued by Energy and Mineral Resources Division (EMRD).... »