Energy Bangla

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... »

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... »