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Home » Politics: Bangladesh » >BD to buy oil from Kuwait at higher premium

>BD to buy oil from Kuwait at higher premium

>BANGLADESH will import 1.152 million tonnes of oil from Kuwait for consumption over the July-December period by paying a higher premium, The Economic Times reported today quoting a senior energy official. (Full report)
The purchase was proposed by the state-run Bangladesh Petroleum Corporation (BPC), the country’s sole importer and distributor of fuel oil, and is likely to be approved by a government purchase committee on Sunday, said Mohammad Mohsin, secretary of government energy and mineral resources division.

“The BPC has agreed to pay a higher premium cost to import diesel, kerosene, jet fuel and petroleum oil,” he told Reuters.
The BPC annually imports nearly 2.2 million tonnes of refined oil from the state-run Kuwait Petroleum Corporation (KPC), almost 70 percent of total demand for petroleum products. The total demand for refined and crude oil in the country is 3.8 million tonnes.

This time the KPC has raised the premiums of diesel to $6.6 per barrel from $5.4, kerosene and jet fuel to $7.0 from $5.65 and petroleum with high octane to $8.1 from the existing $7.7 per barrel, which will cost Bangladesh in addition nearly 600 million taka ($9 million).
This would be the largest hike in premium imposed by the KPC. In the past it used to increase or decrease premiums by 5 to 50 cents, officials said.

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