BPC incurs more than Tk 170 billion in losses on fuel imports since March, minister says

The power minister says domestic rates remain below global benchmarks despite a recent market retreat

The state-run Bangladesh Petroleum Corporation (BPC) has lost more than Tk 170 billion in the past three and a half months, Energy Minister Iqbal Hassan Mahmood Tuku has said.

He disclosed the figure in parliament on Monday, citing letter-of-credit (LC) payments for fuel imports between Mar 1 and Jun 11.

Responding to a question from MP Muhammad Abdul Khalek, the minister said global fuel prices have eased slightly since May.

According to Tuku, the price in Bangladesh is “much lower than” in the international market, where the rate is still above the “break-even” point amid the West Asia crisis.

As a result, the BPC is facing a daily loss of about Tk 780 million in the sale of diesel, octane and petrol, he said.

Responding to MP Md Ashraf Uddin, the minister said the government has no plans to allow new residential gas connections, citing the easy availability of LPG.

[Updates to follow]