Finance

If oil prices stabilize in international market, Bangladesh to make adjustment: Nasrul Hamid Oil Prices
Collected State Minister for Power, Energy and Mineral Resources Nasrul Hamid

If oil prices stabilize in international market, Bangladesh to make adjustment: Nasrul Hamid

Bangladesh Live News | @banglalivenews | 15 Dec 2022, 10:01 am

Dhaka, December 15: State Minister for Power, Energy and Mineral Resources Nasrul Hamid said that the price of oil in the international market has decreased, but it is not stable. If the market is not stable, the price cannot be reduced accordingly. Bangladesh Petroleum Corporation (BPC) is monitoring the matter. It is increasing today and decreasing tomorrow, that is, if the market price is not stable until a certain time, the market price of the country cannot be changed with the international market. Domestic market rates will be adjusted when the international market stabilizes.

He made this comment in response to questions from reporters while inspecting the Dhaka-Chittagong oil pipeline installation program at Meghna Depot in Godnail SO area of Siddhirganj, Narayanganj on Wednesday (December 14) morning.

Regarding the establishment of the Dhaka-Chittagong oil pipeline, the state minister said, "We have built a pipeline from the deep sea port to Patenga port. Earlier, oil was brought from the deep sea port by big ships. Then it was supplied to different parts of the country by small ships. Thus through ships It used to take 12-14 days for oil to arrive. Besides, oil transportation used to cost a lot of money. Now we can supply oil in a very short time through pipelines. Also, our oil transportation costs will be reduced."

He said, "Dhaka-Chittagong pipeline work is 90 percent completed so far. Through the pipeline, oil will come directly from Maheshkhali to Patenga and from Patenga to Meghna depot. The method of supplying oil through pipeline is completely new in Bangladesh. We are doing the entire project with different contractors in Bangladesh."

"Furthermore, currently oil is supplied to airplanes through vehicles. We also plan to supply it through pipelines. If this can be done, the pressure on traffic in Dhaka will be reduced. Because of oil supply through pipelines, now both time and cost will be reduced. And oil supply through pipelines There is no risk. Oil is supplied abroad through this technology," he added.