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Tag: oil price
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Petrol, octane prices increased by 2.5 taka per liter and diesel by 1 taka
Under an automated pricing system, officials now adjust fuel prices according to the international market at the beginning of each month. Fuel prices went down due to adjustments in the last two months. As per the latest notification, diesel and kerosene will be sold at Tk 107 per liter instead of the previous Tk 106.…
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Oil and gas exploration in Bay of Bengal: International tender issued after 8 years
Bangladesh is finally going to issue a fresh international tender next week for oil and gas exploration in the Bay of Bengal. Many international companies have already shown interest in bidding. Petrobangla, the government-owned agency involved in natural gas, oil, coal and mineral resources, has invited 55 companies in the tender process. Sources in the…
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Automated fuel pricing: Octane, petrol prices to fall further
The proposal on the revised fuel price has been sent to the Prime Minister's Office as Prime Minister Sheikh Hasina is the Minister of Power, Energy and Mineral Resources. As soon as the proposal is approved, a gazette will be issued on the revised price. BPC always makes profits from petrol and octane prices. Seventy-five…
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State Minister hints at reduction in fuel oil price: Awaiting approval from Prime Minister Sheikh Hasina
Expressing hope that the prices will come down, he said that earlier the agencies were asked why they do not reduce the prices in the domestic market when the prices come down in the global market. Now that the matter has been resolved; Prices will be adjusted regularly. If the price increases again in the…
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Ramzan Bazaar: Soybean oil price will be reduced by 10 taka per liter
Mentioning that the National Board of Revenue (NBR) has reduced edible oil duty by Rs 5 per litre, the Minister of State for Commerce requested traders, “The government has given a rebate of Rs 5 (per litre). Please leave Tk 5 discount as Ramzan is knocking on the door. Mill owners and oil refiners who…
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Fuel price dilemma: Government’s failure to adjust to international market trends
Energy experts and economists argue that prolonged inflationary pressures have burdened people, while the government struggles to rein in market prices. Meanwhile, the government takes advantage of increased gas prices to generate revenue. However, there was an opportunity to reduce the cost of fuel oil, potentially lowering prices in various market sectors, particularly in agricultural…
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Global fuel oil prices fall: Government refuses to cut prices, BPC profits increase
Typically, the price tariff is set at a price lower than the purchase price, thus, reducing the expense of the BPC. However, if the National Board of Revenue (NBR) wants to impose import duty on procurement prices, BPC’s expenditure on fuel oil will increase. Since the government has not yet finalized the matter, BPC has…
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Bangladesh’s solar power boom will create thousands of green jobs: A renewable energy revolution unfolds
Chaudhary said the rate per unit of electricity in recently approved independent solar photovoltaic (PV) projects is less than 10 US cents, while the cost of a unit of liquid fuel-based electricity in Bangladesh is more than 16 US cents. The economic benefits of the transition to solar energy are becoming increasingly clear to businesses…
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Electric vehicle sales increase in Jordan due to high petrol prices
EVs have become a common sight, notably China’s Changan Eido EV and E-Star, and models sold by BYD, Dongfeng and MG. The South Korean-made Hyundai Ioniq 5 and Kona and Kia’s Niro, as well as Japan’s Nissan Leaf and Sylphy, Germany’s Volkswagen ID4 and Italy’s Fiat 500 are also popular. “There is currently a lot…
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Will the Israel/Hamas war affect oil prices?
Despite US sanctions, Iranian crude exports have increased significantly this year, offsetting some of Riyadh and Moscow’s voluntary cut of 1.3 million barrels per day (bpd). Pro-Hamas Iran has denied any involvement in the group’s attack on Israel. US Treasury Secretary Janet Yellen said on Wednesday she had nothing yet to announce about whether the…
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Oil prices rise as Israel-Hamas conflict escalates
“What’s going on in the Middle East is unfortunately becoming more and more depressing and it looks like it’s likely to get even worse,” he said. Among stocks, the Dow Jones Industrial Average .DJI rose 39.15 points, or 0.12 percent, to 33,670.29, the S&P 500 .SPX fell 21.83 points, or 0.50 percent, to 4,327.78 and…
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IEA cuts oil demand growth forecast in 2024
Although there has been no direct impact on supply so far, the IEA said it stood ready to take action if needed to ensure adequate supply. Meanwhile, as 2024 approaches, a higher interest rate environment aimed at curbing inflation in major Western economies and the resulting stronger US dollar is dampening demand in low-income emerging…