The government is likely to import 10.85 lakh tonnes of refined fuel oil at US$61.31 a barrel, which is sharply higher than the current price of $36.43 in the international market.
The country’s lone state-run importer Bangladesh Petroleum Corporation (BPC) will import the oil from 11 international companies including, Turkish Petroleum International Company for July-December period under an agreement signed in June last year.
To this effect, an Energy Division proposal singed by Additional Secretary Nazimuddin Chowdhury is likely to be placed at the cabinet committee on public purchase today for approval.
Higher quantity of fuel oil will be imported from China, Malaysia and Philippine under a state-to-state arrangement, according to the proposal.
Price for more than 10 lakh tonnes of refined fuel oil has been estimated at over $61 a barrel excluding carrying charges, service charges, lighter-age costs, duties and value added taxes.
On Monday, fuel oil prices slipped $36.43 a barrel in the global markets.
According to the proposal, the government will import refined 30,000 MT diesel from Turkish Petroleum International Company with a premium of $4.50 per barrel.
According to BPC, the price of oil at international markets was $61 a barrel when the proposal was sent and signed.
The Energy Division has estimated that the total cost would be around over Tk4,868 crore and it also said the import cost might vary if the international prices of crude oil and local currency exchange rates changed.
The total demand for fuel oil would be 25-26MT over the next six months, going up to 50-52MT by the middle of next year.