The government has provided a Tk4,500 crore loan to Bangladesh Petroleum Corporation (BPC) to meet fuel import costs and related expenses amid the global energy crisis, officials said.
BPC Chairman Md Rafiqul Islam confirmed that the state-run corporation received the amount after seeking a Tk5,000 crore loan from the government.
He said a sharp rise in global petroleum prices, along with increased transportation and handling costs, had put significant financial pressure on BPC in recent months.
The fresh government loan will help BPC meet fuel import financing requirements, maintain uninterrupted petroleum supply and increase its capacity to open letters of credit (LCs) for imports, he said.
BPC incurred additional costs of around Tk23,000 crore between March and August this year due to higher international fuel prices and increased transportation expenses.
Rafiqul Islam said freight charges for transporting fuel by vessel, which previously ranged between US$3 and $4 per barrel, had increased to $15–$17 per barrel, significantly raising the corporation’s monthly import expenses.
Meanwhile, the government increased the prices of diesel and other petroleum products on 20 September to offset the impact of higher global prices and rising import costs.
BPC had earlier said its financial pressure increased as domestic fuel prices were not adjusted in line with the rise in international market prices.
According to BPC officials, the corporation incurred losses of around Tk22,876 crore while settling payments for imported fuel between March and August this year.
