প্রকাশ: 23/05/2022
State Minister for Power, Energy, and Mineral Resources
Nasrul Hamid has said that Russia has offered to sell crude oil to Bangladesh.
He made the remarks while talking to journalists at the
Bidyut Bhaban in Dhaka on Monday.
"However, there are some issues regarding the payments.
We will move forward with this when a solution is found," said the state
minister.
Currently the country imports around 91% to 92% of its fuel
demand while the rest is sourced from local gas fields in the form of condensate,
a bio-product of gas.
Bangladesh Petroleum Corporation (BPC) has a storage of one
month -- equivalent to six lakh tonnes of fuel -- at major land and riverine
depots across the country.
BPC increased prices (Tk15/liter) of diesel and kerosene in
the backdrop of price increase in the international market for petroleum at $85
per barrel (158.99 liters) in November last year.
In December, 2021, the demand for fuel oil in Bangladesh was
over 60 million tonnes.
Meanwhile, oil prices in the international market rose in
early trade on Monday with US fuel demand, tight supply and a slightly weaker
US dollar supporting the market, as Shanghai prepares to reopen after a
two-month lockdown fuelled worries about a sharp slowdown in growth.
Brent crude futures rose 82 cents to $113.37 a barrel at
0126 GMT, while US West Texas Intermediate (WTI) crude futures climbed 69
cents, or 0.6%, to $110.97 a barrel, adding to last week's small gains for both
contracts.
A weaker US dollar also sent oil higher today (May 23), as
that makes crude cheaper for buyers holding other currencies.
Market gains have been capped, however, by concerns about
China's efforts to crush Covid with lockdowns, even with Shanghai due to reopen
on 1 June.
Lockdowns in China, the world's top oil importer, have
hammered industrial output and construction, prompting moves to prop up the
economy, including a bigger-than-expected mortgage rate cut last Friday.
The European Union's inability to reach a final agreement on
banning Russian oil for its invasion of Ukraine, which Moscow calls a
"special operation", has also stopped oil prices from climbing much
higher.
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