Russia Offers to Sell Crude Oil to Bangladesh: State Min

Russia, which is currently under US and European sanctions, has offered to sell crude oil to Bangladesh. State Minister for Power, Energy, and Mineral Resources Nasrul Hamid said on Monday (May 23) that Bangladesh was reviewing how to buy oil.

The state minister was responding to a question from reporters at the inaugural function of a workshop titled 'Cyber ​​Security Policy and Operational Perspectives in Power Sector' organized by Bangladesh Power Management Institute (BPMI) at Bidyut Bhaban.

He said Russia had offered to sell oil. They are talking about crude oil in particular. We are considering that proposal.

In November last year, the government increased the price of diesel and kerosene by Tk 15 per liter. The new price of these two types of fuel oil is Tk 80 per liter, which was earlier Tk 65. The government cited rising oil prices in the world market as the reason for the rise in prices.

Crude oil prices have risen sharply in international markets over supply concerns over Russia's attack on Ukraine in February. Beyond $100, oil prices rose to $140 a barrel.

Russia, the world's third-largest oil producer after the United States and Saudi Arabia, used to export about five million barrels of crude oil a day, more than half of which went to Europe. The United States and its European allies have imposed a series of blockades on Russia since Russian forces invaded Ukraine in February.

At one point, the United States imposed sanctions on Russian oil. The European Union has also announced plans to reduce its dependence on Russia for energy.

In the case of Bangladesh, the Minister of State for Energy did not provide any details about what exactly is in Russia's proposal, how much oil Russia will be able to supply, how much will be paid or how.

Asked if there are any plans to reduce fuel prices in Bangladesh at the moment, he said, "We want to keep fuel prices stable. We do not want to increase, we do not want to reduce either. As the price has slightly decrease, there is no need to adjust now."