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Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors. Both main crude contracts were pummelled Tuesday as investors grow increasingly worried that leading …
Read More »Gas shortage, power cuts hit factories
A deepening energy crisis is hitting industries in Bangladesh hard, forcing them to cut production by as much as 50 per cent as escalated import bills have forced the country to lower gas purchase from international sources. Compared to May 2021, there has been 65 per cent increase in fuel …
Read More »Use of gas in electricity generation to save Tk 1,998bn in 5-yr
As the international oil market becomes unstable, Bangladesh plans for generating power from 14 duel-fuel plants that will use gas instead of costly diesel. This will save the country more than Tk 1,997.69 billion in next five years, said a report prepared by the Bangladesh Power Development Board (BPDB). BPDB …
Read More »WTI crude plunges 5% on recession fears
Oil prices plunged more than five percent Wednesday as traders grow increasingly worried that demand for the commodity will take a hit from a possible recession caused by a sharp hike in interest rates aimed at reining in inflation. West Texas Intermediate lost 5.09 percent to $103.92 a barrel, while …
Read More »Trade bodies oppose 8pm shop closure move
Top business leaders yesterday urged the government to postpone its decision to close stores, shopping malls, markets and kitchen markets after 8:00pm until Eid-ul-Azha since an early closure will deal a blow to their sales. The plea from two separate meetings of the Federation of Bangladesh Chambers of Commerce and …
Read More »Petroleum prices may go up: Nasrul
State minister for power, energy, and mineral resources, Nasrul Hamid, has said that the government is considering a hike in petroleum prices from next month. ‘But the decision will come after discussion with all stakeholders, including transport business operators,’ he said on Friday. He said that the state-owned Bangladesh Petroleum …
Read More »Bangladesh has no deficit in power generation: Nasrul Hamid
Too many trees in rural areas hamper uninterrupted supply of electricity though the country has no deficit in power production, State Minister for Power, Energy and mineral resources Nasrul Hamid told Parliament on Tuesday. Responding to a tabled question from opposition Jatiya Party lawmaker from Pirojpur Rustam Ali Farazi, the …
Read More »Govt plans to adjust fuel tariff every six months
The government is likely to adjust the petroleum fuel tariff every six months due to skyrocketing fuel prices in the international market amid the Russia-Ukraine war, State Minister for Power and Energy Nasrul Hamid told the Daily Sun. “We have no other alternative but to adjust the fuel tariff every …
Read More »Price of gas for 2 stoves increases to 1080, CNG remains unchanged
The price of residential gas for two stoves has been increased from Tk 975 to Tk 1,080. The price of 1 stove has also gone up. Customers will have to pay Tk 990 for using 1 stove which has increased from 925. However, the price of Compressed Natural Gas (CNG) …
Read More »Bangladesh purchases LNG, fertiliser at lower rates as prices fall in global market
Bangladesh has purchased LNG and fertiliser at lower prices from the international market compared to previous rates as prices of the two products fall on the international market. Such an indication was found from the government’s latest purchase of the two essential products. The approval of the Cabinet Committee on …
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