Energy Bangla

After a 50 percent rally in oil prices between February and March, crude has retreated a bit as of late. The upcoming OPEC-Russia meeting in Doha looms over the markets, but few expect the outcome to have any material impact on supply and demand. Global supply still exceeds demand, but there are solid signs that the overhang is finally starting to ease. Storage levels are high, but are expected to... »

A proposal for reducing oil prices has been sent from the energy division to the prime ministers office for approval. The proposal was sent on this Thursday. Sources from energy division have confirmed this news. According to the sources, this proposal includes the price cut issue of Diesel, Kerosin, Octane and Petrol. A revised pricelist on these fuels is going to be published as a gazette after it gets accredited... »

A circular to adjust prices of octane, petrol, diesel and kerosene will be issued within ‘seven to 10 days’, says State Minister for Power, Energy and Mineral Resources Nasrul Hamid. “We want to offer a reasonable rate,” he said on Monday at his office. Speaking to the media, the minister initially said a circular would be issued within seven days, but later revised that to ‘within seven to 10 days.’... »

Oil slipped to a one-month low on Tuesday after a surprise fall in gasoline demand in the United States, the world’s largest oil consumer, and on doubts whether oil producers can agree an output freeze to dampen a global supply glut. U.S. gasoline demand, one of the strongest pillars supporting oil consumption, fell in January for the first time in 14 months, U.S. Energy Information Administration data showed. The world’s... »

The price of all other Petroleum oils is going to be reduced soon as the price of Furnace oil is already being cut, stated by the State Minister for Power, Energy and Mineral Resources Nasrul Hamid. Nasrul Hamid confirmed about this price cut on Monday, while talking with the journalists at secretariat. The state minister said that, initiatives are about to be taken to cut the price in three phases.... »

The government has reduced the price of furnace oil amidst a growing demand for cuts in prices of all types of fuel oil. The power, energy and mineral resources ministry announced on Thursday a cut of Tk 18 a litre, bringing down the furnace oil price from Tk 60 a litre to Tk 42 The new retail price will take effect at midnight. Furnace oil is usually used to generate... »

The government is set to start importing refined petroleum products at lower costs under the re-introduced open tendering that would replace the purchase under term deals. Under the new procurement system, the BPC has picked up best offers from ENOC and Unipec for oil supply. The state-owned Bangladesh Petroleum Corporation (BPC) has already recommended awarding tender to Emirates National Oil Company (ENOC) and Unipec Singapore Pte Ltd to get supply... »

Bangladesh will import 1.3 million tonnes of crude oil from Saudi Arabia and the United Arab Emirates (UAE) at a cost over Tk 43.98 billion. The cabinet committee on public purchase approved Wednesday this big buy of petroleum fuel alongside seven other projects worth a total of Tk 51 billion. Eastern Refinery Ltd will import 0.6 million tonnes of crude at a cost of Tk 21.33 billion from Abu Dhabi... »

Just over three months after the authorities lifted the four-decade ban on crude oil exports, the U.S. has actually exported less this year than it did over the same period the year before, when the ban was still in place. According to Clipper Data market intelligence cited by the Financial Times, we’ve seen a 5 percent decline in U.S. crude oil export volumes since the beginning of this year. The... »

The government has decided to reduce the price of furnace oil but the figure will be announced in a week, State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said. “We’ve decided to cut the price of furnace oil used in power plants and factories. The amount of the cut will be announced within a week after evaluation,” Hamid said on Monday, speaking to bdnews24.com. Asked whether the... »