BPC’s loss narrows in FY 2009

State-owned Bangladesh Petroleum Corp. (BPC) posted a loss of 2.26 billion taka (US$32.67 million) for the Fiscal Year which ended June 30, 2009, due mainly to the smaller gap between subsidized domestic prices and procurement costs as global oil prices rebounded during the period, BPC Chairman Anwarul Karim said. It was the smallest loss reported by BPC since 2004, and down significantly from last year’s loss of 70.05 billion taka (US$1.01 billion). International agencies such as the World Bank and the Asian Development Bank have long pressed the country to set domestic oil prices in line with global prices, without success. Bangladesh imports around 3.65 million metric tons per year (MTPY) of crude oil and refined products annually to meet soaring domestic demand. It consumes around 2.3 million MTPY of gasoil, 500,000 MTPY of kerosene, 100,000 MTPY of gasoline and 250,000 MTPY of jet fuel. (August 13, 2009)