Bangladesh oil company sees nearly one billion dollars loss

Bangladesh’s state-owned oil company will post a record net loss of nearly one billion dollars in the current fiscal year due to sky-rocketing global crude oil prices, its chairman said on Saturday.

The Bangladesh Petroleum Corp (BPC), the nation’s monopoly oil importer and distributor, sells fuel at prices set by the government that do not reflect the purchase cost.


“With oil prices now above 100 dollars a barrel, losses will be huge in coming days. We expect our total losses this fiscal year (to June) will be around 65 billion taka (950 million dollars),” BPC chairman Anwarul Karim said.

The loss will be almost double that of last year, he said.

BPC is racking up a loss of 35 cents for each litre of diesel it sells, he added. Diesel is the main fuel used for vehicles in the impoverished nation, which has no domestic oil fields.

Turkish Press