Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Wednesday, January 17, 2018 09:15:18 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

BPC must be transparent when it comes for slashing oil prices

By
06th-Jan-2017       
Comments
Share your thought
Post a comment »
Read all () »

MEDIA reports on Thursday said Bangladesh Petroleum Corporation (BPC) has asked the government to convert its outstanding dues worth Tk 27,419 crore into subsidy although the entity is now making huge profit. Fuel oil is selling at huge lower cost at international market and the demand for adjusting it in the local market is getting louder since middle of 2014 when petroleum prices started falling and became at the lowest. Oil prices dropped to as low as $27.65 a barrel in January 2016 before rebounding recently.

But the government has been defiant arguing that BPC has huge loan and it must pay first and recoup other losses it had incurred from 2000 to 2015. In early last year BPC admitted that all its bank loans have been repaid and that it is counting profits. So when it is asking the Finance Ministry now for converting its loans to subsidy, many believe that it may be a quite misleading request to establish the fact that BPC is still indebted to the banks and any readjustment of fuel oil prices yet to be delayed.

The Finance Ministry was fixing dates time and again to lower the fuel oil cost in domestic market for the second time since last April. Finance Minister AMA Muhith last week set a fresh deadline for December first and then by the end of January for second time slash in oil prices. It appears that the BPC is yet to take any initiative to slash the oil prices when it raised the new issue with the Finance Ministry to convert its bank loans to subsidy. The fact is that when BPC is still having huge loans to banks any reduction of fuel oil prices seems to be ideally unrealistic and many fears that it may be a ploy to delay reduction of fuel oil prices again.  Moreover, BPC's claim that it requires huge fund to build several projects is different issue. People want slashing of fuel oil prices in the light of global market price and we believe it can't be ignored any more.

Finance Ministry figure shows that BPC, which was running on deficit for years turned to profiteering for the first time from fiscal 2014-15. It reported a profit of Tk 5,268 crore in 2014-15 and it crossed to Tk 7,000 crore in 2015-16. Meanwhile the government slashed oil prices for the first time in April 25 last year and announced further cut in December last year and later in January this year. There is a growing public feeling that BPC must be transparent to the nation. When fuel oil prices are at the low in global market people have the right to benefit from it. They can't be denied of it anyway. 

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Lies about economic progress are coming out


The economy has come under pressure due to the banking sector crisis, inflation and soaring imports amid inadequate export earnings and insufficient remittance inflows, the Centre for Policy Dialogue (CPD) said recently. The banking sector is suffering from cronyism, the think-tank said, adding that various irregularities and embezzlement of public ...

Sports »

Zia finishes runner-up in Delhi Open Rating Chess


GM Ziaur Rahman Zia of SAIF Sporting Club finished runner-up in the 16th Delhi Open International Rating Chess Tournament which concluded on Tuesday at New Delhi in India. GM Zia earned 8 points out of 10 games to became runner-up in the event where total 27 Grandmasters participated.In the 10th ...

Sports »

Petra Kvitova of the Czech Republic makes a forehand return to Germany's Andrea Petkovic during their first round match at the Australian Open tennis championships in Melbourne, Australia on Tuesday.


Entertainment »

Much-awaited intense and gripping trailer of Breathe


After tantalizing the senses of audiences with the edge of the seat teaser, Amazon Prime Video and Abundantia Entertainment have now released the much-awaited trailer of Breathe. Breathe brings to the audience R Madhavan in the OTT space for the very first time. The trailer of the digital series is ...

Entertainment »

Richi works in a serial after returning country


Sheikh Arif Bulbon :Popular TV actress Richi Solaiman returned to Bangladesh on December 8. This time she came here to pass time only with her family and close persons of media. Despite having earlier schedule to come to country Richi did not agree to work for this reason. After returning ...

International »

We will `strangle` US-backed force in Syria `before it`s even born`: Erdogan


Reuters: Beirut :Turkey's Tayyip Erdogan threatened on Monday to "strangle" a planned 30,000-strong US-backed force in Syria "before it's even born," as Washington's backing for Kurdish fighters drove a wedge into relations with one of its main Middle East allies.The United States announced its support on Sunday for plans for ...

International »

Melania, America's enigmatic first lady


AFP, New York :Groomed to perfection yet rarely heard in public, Melania Trump is an enigma-a first lady whose opinions, marriage and goals remain a mystery to millions of Americans.She is without question a unique first lady: a former model who once posed nude in her husband's private jet; the ...

Business & Economy »

NRBC Bank aims to woo investment, quality banking


Kazi Zahidul Hasan  :NRB Commercial (NRBC) Bank Ltd has taken steps to bring substantial amount of foreign investment mainly from expatriate Bangladeshis this year in line with the objective it stated in the founding charter. "The bank was established to bring investment of non-resident Bangladeshi (NRBs) but it slipped from ...

Business & Economy »

Syed Waseque Md. Ali, Managing Director of First Security Islami Bank Limited, poses with the participants of the 28th Foundation Course at its Training Institute in the city recently. Senior officials of the bank were present.


City »

BNP Chairperson Begum Khaleda Zia appeared before the special court on Bakshi Bazar Alia Madrasha premises in the city on Tuesday on two corruption cases filed by Anti-Corruption Commission.


Editorial »

CEC must seek govt.`s cooperation to dissolve parliament


MORE than just holding small and big scale elections, it's time the Election Commission realise that it is essential to ensure the national elections is held in a free, fair and credible manner.  The Election Commission is a constitutional body and its responsibility is to hold election directly on the ...

International »

`I`m not a racist`, Trump says


AFP  :"I'm not a racist. I am the least racist person you have ever interviewed," Trump told reporters at the Trump International Golf Club in West Palm Beach, Florida, where he was having dinner with Republican House Majority Leader Kevin McCarthy.Trump appeared to give up for dead an immigration deal, ...

Football »

Suarez, Messi lead Barcelona to 4-2 comeback win at Sociedad


AP, Barcelona :Barcelona has broken its curse at Anoeta Stadium.Luis Suarez scored twice before Lionel Messi completed Barcelona's 4-2 comeback win at Real Sociedad on Sunday, giving the Catalan club its first league win at the Basque Country team since 2007.Barcelona was behind by two goals when Suarez set up ...

Sports »

The newly elected Executive Committee of Special Olympics Bangladesh pose for a photo session in the city's Tejgaon on Saturday.


Entertainment »

Shabnur, Purnima in a common frame


Entertainment Report :Shabnur and Purnima are two popular actresses in Dhaka film arena. Both of them have already got the National Film Award for single time. Shabnur got the National Award for acting in Mostafizur Rahman Manik’s movie Dui Noyon-er Alo. On the other hand, Purnima received the award for ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news