Oil price hike also to fund BPC’s flats, office block | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Saturday
June 14, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SATURDAY, JUNE 14, 2025
Oil price hike also to fund BPC’s flats, office block

Energy

Eyamin Sajid & Jahidul Islam
19 November, 2021, 10:55 pm
Last modified: 21 November, 2021, 11:14 am

Related News

  • ACC raids BPC over allegations of irregularities in gas cylinder sales
  • BPC finally floats tender for SPM operation after costly year-long delay
  • Fuel oil transport via Ctg-Dhaka pipeline to begin trial in first week of May
  • BPC proposes jet fuel price increase to Tk112 per litre for local carriers
  • Govt hikes diesel, kerosene, petrol, octane prices by Tk1 for Feb

Oil price hike also to fund BPC’s flats, office block

Eyamin Sajid & Jahidul Islam
19 November, 2021, 10:55 pm
Last modified: 21 November, 2021, 11:14 am
Oil price hike also to fund BPC’s flats, office block
  • BPC's ongoing, upcoming development projects cost Tk33,734cr
  • Cost of 11 ongoing projects Tk11,051cr
  • Cost of proposed residential-cum-commercial Padma Oil building in Dhaka: Tk378cr

State-run Bangladesh Petroleum Corporation (BPC), the lone fuel importer and distributor in the country, is constructing three residential and office buildings in Dhaka and Chattogram at a total cost of Tk317 crore.

The corporation has also proposed constructing a 12-storey modern residential cum commercial building, featuring two basements, for Padma Oil Limited at Paribagh in the capital's Shahbagh area, which would cost around Tk378 crore.

The energy division has claimed if fuel prices were not hiked and the BPC incurred losses for a long time, the implementation of the ongoing development projects would become uncertain, putting the country's energy security at stake.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

To ensure financing of the ongoing and upcoming projects of the BPC, the Energy and Mineral Resources Division has recently hiked the prices of diesel and kerosene by 23% that has hit the people, even more so the low-income ones, hard by making essential commodities costlier.

The Planning Division and energy experts, however, have disagreed with the energy division's statement. According to them, these projects are unlikely to ensure energy security.

"These are flamboyant and luxury projects. These projects are not related to energy security in any way," Ghulam Rahman, former chairman of the Bangladesh Energy Regulatory Commission (BERC) and president of the Consumer Association of Bangladesh (CAB), told The Business Standard.

Besides experts, relevant state authorities also have questioned the acceptance of such projects as already a project is underway in Chattogram for building Padma Oil's head office.

The Planning Commission said as the head office and the main infrastructure of Padma Oil are located in Chattogram, constructing a liaison office in a prime area like Paribag appears to be unnecessary.

"The feasibility study found the possibility of a commercial space in Paribagh. A company that mainly trades in fuel oil and petroleum would not operate a commercial building," it said.

The commission also proposed doing a complete feasibility study highlighting the adverse effects of constructing a commercial building in densely populated areas such as Paribagh on the traffic, financial, social and environment.

The adverse impacts on the movement of patients and attendants need to be highlighted in the study, the commission further recommended.

Paribagh is an adjacent area to Shahbagh, a hub of high class medical facilities and thousands of patients and their attendants pass through Paribagh daily on their way to the hospitals.

Other than the two projects for Padma Oil, the BPC is currently implementing two "building" projects – a Tk154.18 crore project for Jamuna Oil Company in the capital's Karwan Bazar and a Tk61.77 crore project for Meghna Petroleum Limited in Chattogram.

Does BPC have Tk33,734 crore projects?

In its post-fuel price hike statement, the energy division says the BPC has taken different development projects involving an estimated cost of Tk33,734 crore to ensure energy security of the country.

A TBS investigation, however, has found that the BPC has 11 ongoing projects including the proposed residential building at Paribagh, the estimated total cost of which is Tk11,051 crore.

What does BPC say?

BPC Chairman ABM Azad told TBS that the figure was estimated considering the ongoing and upcoming projects.

"The estimated cost of the Eastern Refinery unit-2 project would be around Tk20,000 crore, which is under planning. So, there should not be any confusion about the figure."

ABM Azad further said these projects are financed and implemented by distribution companies.

"Not all of these projects are financed by the corporation. As we are the umbrella-body of these companies, these projects are shown as our projects."

Explaining why these projects are essential for ensuring the country's energy security, some officials at the BPC, however, said none of the distribution companies and the BPC itself have their office buildings and that all of the companies are now conducting their operations from rented buildings.

Once implemented, the ongoing and upcoming projects would ensure smooth operations of the companies, ensure a modern and safe working environment for the officials, and increase the revenue of the companies through the renting out of surplus spaces.

Energy expert Professor Shamsul Alam said raising fuel prices for financing projects that are still under planning is unjustified.

"We (consumer organisations) have asked the BPC to submit their financial statement to us. Once we get the statement, we will take the necessary action against the latest fuel price hike."

Bangladesh / Top News

BPC / Fuel price hike / Housing projects

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Burnt out cars and damaged buildings are all that’s left of this street in Ramat Gan Credit: AP
    Iran threatens to strike US, UK, and French bases if they help defend Israel
  • Chief Adviser Professor Muhammad Yunus of the Bangladesh interim government. Sketch: TBS
    UK lawyers hired to recover stolen money: CA Yunus
  • Logo of the Bangladesh Jamaat-e-Islami. Photo: Collected
    Joint press briefing by Yunus, Tarique a breach of political norms, Jamaat says questioning CA's partiality

MOST VIEWED

  • Energy adviser Fouzul Kabir Khan with other government officials during a visit to Sylhet gas field on 13 June 2025. Photo: TBS
    I would disconnect gas supply to every home in Dhaka if I could: Energy adviser
  • BNP Acting Chairperson Tarique Rahman and Chief Adviser  Muhammad Yunus meet at Dorchester Hotel in London, UK on 13 June 2025. Photo: CA Press Wing
    National polls possible in 2nd week of February, agree Yunus, Tarique in 'historic' London meeting
  • Rescuers work at the scene of a damaged building in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Tehran retaliates with 100 drones after Israel strikes Iran's nuclear facilities, kills military leaders
  • From fact-checker to fact-checked: CA Press Wing’s turn in the hot seat
    From fact-checker to fact-checked: CA Press Wing’s turn in the hot seat
  • UK Prime Minister Keir Starmer, Chief Adviser Muhammad Yunus
    Disclosure of unconfirmed Yunus-Starmer meeting shows ‘diplomatic imprudence’: Analysts
  • Flight AI 379 had landed. File Photo: Hindustan Times
    Day after Ahmedabad crash, Air India flight makes emergency landing in Thailand after bomb threat

Related News

  • ACC raids BPC over allegations of irregularities in gas cylinder sales
  • BPC finally floats tender for SPM operation after costly year-long delay
  • Fuel oil transport via Ctg-Dhaka pipeline to begin trial in first week of May
  • BPC proposes jet fuel price increase to Tk112 per litre for local carriers
  • Govt hikes diesel, kerosene, petrol, octane prices by Tk1 for Feb

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

3d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

5d | Features

More Videos from TBS

How did the United States help prevent an Iranian attack?

How did the United States help prevent an Iranian attack?

1h | TBS World
Iran's counterattack: US ambassador visits shelter 5 times

Iran's counterattack: US ambassador visits shelter 5 times

1h | TBS World
No trade war, this time US-China in mutual agreement

No trade war, this time US-China in mutual agreement

2h | Others
Putin engages in back-to-back calls with Iran and Israel leaders

Putin engages in back-to-back calls with Iran and Israel leaders

3h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net