The government will import about 4.2 million tonnes of petroleum from different countries in 2020 to meet the domestic requirements.
Of the proposed import, some 50 percent will come from international market through open bidding while the remaining 50 percent will be imported through negotiations under government-to-government contracts.
The Cabinet Committee on Economic Affairs at a meeting on Wednesday approved a proposal in principle in this regard.
Finance Minister AHM Mustafa Kamal who presided over the meeting said state-owned Bangladesh Petroleum Corporation will import this petroleum.
As per the proposal, some 3.5 million tonnes will be gas oil (diesel) while 460,000 tonnes Jet-A-1, 120,000 tonnes octane (mogas) and 120,000 tonnes furnace oil.