Energy Bangla

Bangladesh Petroleum Corporation (BPC) Chairman ABM Azad today said there is no possibility of reducing fuel oil price for the time being. “BPC is still losing Tk 2-3 per litre in diesel sales, however there is profit in selling petrol and octane. As such, there is no possibility of reducing the price of fuel oil for the time being,” the BPC chairman said at a press conference at their office.... »

A lighter vessel with 11 lakh liter of fuel sank after being hit by another vessel in Meghna river due to dense fog in sadar upazila of Bhola district early Sunday. Report UNB KM Shafiul Kinjal, media officer of Coast Guard South Zone, said the vessel named ‘Sagar Nandini-2’ carrying 11 lakh litre of fuel from Chattogram port sank in the Meghna as another vessel hit it at Tulatuli Majher... »

Amid the record price hike of commodities, the government is considering bringing a bit of relief to people as it has asked the Bangladesh Petroleum Corporation (BPC) to find out if the fuel oil prices can be cut in line with the downward trend in the global market. The Ministry of Power, Energy and Mineral Resources also asked the BPC to let it know if the price could be adjusted... »

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... »