Government to allow private sector to import fuel oil: Minister

The government has taken an initiative to involve the private sector more extensively in the import and distribution of fuel oil. Minister for Power, Energy and Mineral Resources Iqbal Hassan Mahmood Tuku stated that a general policy is being formulated to allow qualified private entities to import fuel oil alongside state arrangements.

He made these remarks at a seminar titled "Energy Sector Crisis: Prospects and Ways Out," organized by the Forum for Energy Reporters Bangladesh (FERB) at the Samson H. Chowdhury Hall of the Dhaka Club in the capital on Tuesday (August 11).

The minister said that alongside government institutions, private companies will be given the opportunity to import and distribute fuel oil. A policy is being framed so that everyone can participate in business.

Rejecting allegations that this initiative is being taken to favor a specific company, Iqbal Hassan Mahmood said, "We are not doing this to benefit a single company. We are creating a policy so that everyone can do business."

The minister also remarked that unnecessary panic had been created regarding the country's fuel oil supply due to recent Middle East conflicts. Despite adequate reserves, long lines formed at petrol pumps, followed by black-marketing and online-based fuel sales. He mentioned that discussions were held with the Prime Minister regarding opening fuel oil imports to the private sector in the wake of this situation.

According to him, allowing the private sector alongside government mechanisms will increase market competition and strengthen the supply chain.

The minister further stated that the government is sincere about ensuring energy supplies to industries. Low gas pressure significantly impacts industrial entrepreneurs' production and cash flow, which also creates the risk of bank loans turning into non-performing loans, he noted.