Finance ministry want fuel sells half profit, not repayment of debt,
from state owned Bangladesh Petroleum Corporations (BPC). In this
connection BPC initiated to give the profit.
Technical committee of finance ministry has decided the issue in a
meeting recently.
Last year, BPC gained 5,500cr profit from selling oil. Finance
ministry want 2500cr from this.
State minister of power Energy and Mineral Resources Nasrul Hamid
placed the information to the parliament that, ‘presently we need to
be concern about the debt of BPC to finance ministry.’ As per Hamid,
BPC is not paying debt from its profit. Finance ministry wish to
receive the money as profit.
In last few years government doesn’t provide subsidy for importing
oil. Government provide debt to BPC. Till 2007-2008 to 2014-2015
fiscal year government provided 26 ,349cr debt with 3% and 5% interest
through finance ministry.
Recently, in operation and finance related technical committee mitting
of BPC, Government instructed to make a plan for repayment of debt. It
was informed in the meeting that, in last four year government provide
BPC 33480cr as debt, fiscal year 2010-2011 –Tk 4,000cr, FY 2011-12—Tk
8,550cr, FY 2012-13 –TK 13,580cr, FY 2013-14—Tk 7,350cr.
Fiscal year Debt Amount (cr)
2010-2011 4,000
2011-2012 8,550
2012-2013 13,580
2013-2014 7,350
Total = 33,480
this fiscal year (2014-2015) BPC got 600cr debt from government.
Source informs, BPC has to pay the debt and pay including profit also.
Since BPC is a nonprofit government organization, it has no right to
deposit the money its own account. all government organizations refund
their profit to the government fund.
If domestic and international market stays as present condition this
year BPC will get 6000cr from selling oil. And if this continue BPC
can repay all their debt within 5 years.
Per liter import cost of Diesel Tk50.67 retail price Tk68 profit
Tk17.33, kerosene buy Tk 51.04 sell TK 68 profit Tk 16.96, Octane buy
Tk68.69 retail price Tk99 profit Tk30.31, Furnace oil buy Tk38.44
retail price Tk60 profit Tk21.56, jet-1 buy Tk50.61 retail price Tk67
profit Tk16.39.
Fuel Import cost (tk) Retail seal (tk) Profit (tk per litter)
Diesel 50.67 68 17.33
Kerosene 51.04 68 16.96
Octane 68.69 99 30.31
Furnace oil 38.44 60 21.56
Jet-1 50.61 67 16.39
BPC chairman A AM Badruddoja, ‘BPC has huge amount of loan. We want to
relief from it but if the government want money get back we will do
it. Finance ministry instructed us to deposit Tk25000cr to its
account. Government will decide about the money, we just follow the
instruction.’ Replying of a question he said, ‘there is no way to
reduce oil price oil price should keep at percent price.’