Mohammad Suman

The Bangladesh Petroleum Corporation (BPC) may run out of funds to open letters of credit (LCs) for fuel imports sometime in October unless the government provides fresh financing, as soaring global oil prices have put the state-run agency under severe financial pressure.

A crude oil tanker of Bangladesh Shipping Corporation (BSC), MT Ninemia, arrived at Chattogram port from Saudi Arabia on Saturday.

Allowing private companies to directly import and market refined petroleum products could lead to revenue losses, artificial shortages, hoarding, price volatility, substandard fuel and risks to national energy security, said a BPC committee.

Sugar prices are rising as the ongoing gas crisis is curbing production at local refineries, which had stepped up output after three major suppliers exited the market.

At least 29 consignments logged as exports, while officials allege raw materials were sold locally and incentives claimed

Construction of the long-awaited Laldia Container Terminal at Chattogram port is set to move forward, with the government scheduled to lay the foundation stone for the $550 million project on August 30, in partnership with Denmark.

Citing the rapid depletion of its cash reserves, BPC said continued losses could affect its ability to open letters of credit (LCs) for future fuel imports, according to minutes of a BPC board meeting in July.

Economic, free trade zones, terminals, deep-sea port are reshaping region