Bangladesh mulls oil import from Russia  
August 16th, 2022 at 5:04 pm
Russia is the third largest oil producing country after the United States and Kingdom of Saudi Arabia. The country has the capacity of exporting 5 million barrels, mostly destined for the European market.
Bangladesh mulls oil import from Russia  

by Staff Correspondent,

Dhaka:- Amid the soaring global energy prices over the Russian war on Ukraine, Bangladesh has been contemplating options to explore as to how it can import fuel from Russia, which is facing economic sanction imposed by the West.

Bangladeshi Prime Minister Sheikh Hasina on Tuesday asked her cabinet colleagues while addressing the meeting of the Executive Committee of the National Economic Council (ECNEC) in Dhaka, said Planning Minister Abdul Mannan.

The Prime Minister cited reference of India, which is reportedly importing Russian oil despite the difficulties, for making it happen.

“If India can import fuel from Russia, why should not we,” Hasina was quoted to have said by the minister as she was discussing the overall economic situation, especially the price hike of essential commodities due to the war-triggered global inflation.

The Prime Minister also asked the authorities concerned to look into the issue of foreign exchange mode in case Bangladesh imports energy from Russia, the minister said.

Russia is the third largest oil producing country after the United States and Kingdom of Saudi Arabia. The country has the capacity of exporting 5 million barrels, mostly destined for the European market.

The US allies in the Europe has been imposing sanction one after another after the Russian invasion in Ukraine began in February with US asking other countries not to import Russian oil. The European nations, mostly dependent on Russian fuel, also announced that they would reduce dependency on Russia.

Media reports say India and China are importing energy from Russia at comparatively less cost taking the advantage of the US sanction. With the beginning of the war, the global energy market faced volatility, and the crude oil price jumped to 130 dollars per barrel. The price, however, has shown a decreasing trend in the past weeks.

Bangladesh has increased fuel price as much as 52 per cent earlier this month to cope with the inflated import bill and keep the foreign exchange reserve stable. But the fuel price hike has prompted rise in prices of all other essential commodities putting the common people in utter discomfort.

The government has also reduced electricity production and started nationwide rolling power cut to lessen the economic pressure.

Ends