Govt to allow private sector in fuel oil refinery

The government is going to allow the private sectors to import crude oil, refine, store, distribute and market their products of crude oil to the private sector.

  The government is going to allow the private sectors to import crude oil, refine, store, distribute and market their products of crude oil to the private sector.

From now on, private entrepreneurs can set up oil refineries to refine fuel oil. Due to the Russia-Ukraine war, there is a crisis in the supply of fuel oil in the international market. In this situation, the government took the decision.

Sources said private entrepreneurs can import fuel oil and sell it at their own petrol pumps at the price set by the government. The Ministry of Power, Energy, and Mineral Resources has already drafted a policy framework in this regard.

Under the initiative, the Bangladesh Petroleum Corporation (BPC) will procure 60 percent of diesel, petrol, octane, jet fuel, and furnace oil during the initial five years of private sector fuel production entering the market.

Some private companies have already applied to the ministry seeking permission to import fuel oil and set up refinery. Bashundhara Group, Partex Group, TK Group and Elite Group are among them.