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23.9 lakh tonnes of petroleum to be imported under G-to-G arrangements

The government is going to import 23.9 lakh tonnes of petroleum products under government-to-government deals (G-to-G) from nine countries next fiscal year.

The cabinet committee on economic affairs on Wednesday approved the proposal by Bangladesh Petroleum Corporation to import fuel, mostly diesel.

Of the total amount, 12.3 lakh tonnes will come from Kuwait, 2.3 lakh tonnes from China, 2.7 lakh tonnes from Malaysia, 1.6 lakh tonnes from the UAE, 1.4 lakh tonnes from the Philippines, 1 lakh tonnes from Vietnam, 80,000 tonnes from Indonesia, 30,000 tonnes from Thailand and 50,000 tonnes from Oman.

In 2015, the government decided that half of the petroleum products to be imported a year would be through g-to-g arrangements and the rest through open bidding.

It is estimated that in 2017, the country`s demand for import of petroleum products a year will be 46.8 lakh tonnes.

The price of fuel is determined by the international market rates. However, the premium cost, including shipping and other expenses, normally varies.

Under a G-to-G arrangement, there is no scope for competitive pricing.

The premium cost in open bidding, which began in the first half of the current fiscal year, is lower than that in g-to-g arrangements.

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