United News of Bangladesh

The Cabinet Committee on Government Purchase (CCGP on Wednesday approved four separate proposals for the import of refined petroleum products worth an estimated Tk 17,033.42 crore to meet the country’s fuel demand during the June-August 2026 period. The proposals, submitted by the Energy and Mineral Resources Division, were approved through the international open tender method under four different procurement packages. The approvals came at a meeting of CCGP chaired by Finance Minister Minister Amir Khosru Mahmud Chowdhury  According to official sources, the largest proposal involves the import of Gas Oil (0.005 percent sulphur) and Jet A-1 fuel at an estimated cost of Tk 7,672.66 crore. Singapore-based Unipec Singapore Pte Ltd was selected as the lowest responsive bidder. Another proposal for the import of Gas Oil (0.005 percent sulphur) and Jet A-1 fuel was approved at an estimated cost of Tk 6,711.75 crore. Singapore-based Vitol Asia Pte Ltd emerged as the recommended supplier for the package. The committee also approved a proposal for the import of Furnace Oil 180 CST at an estimated cost of Tk 1,900.05 crore. Singapore-based Trafigura Pte Ltd was selected as the successful bidder. In addition, the committee cleared a proposal for the import of Gasoline 95 Unleaded at an estimated cost of Tk 748.96 crore. Vitol Asia Pte Ltd secured the contract for supplying the fuel.

India, the world’s third-biggest oil importer, has significantly reduced its imports from the Middle East as part of a drive to diversify crude sources. The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners tapped alternatives in response to the government’s call to diversify supplies. Read: India looking for more foreign investments in Oil sector: minister The Middle East’s share dropped to 52.7 per cent, the lowest since April 2019 and down from 67.9 per cent in April, the data showed Lower purchases of oil from the Middle East dragged Opec’s share of Indian oil imports to a record low. Imports from Saudi Arabia, India’s second-largest supplier after Iraq, dropped by about a quarter from a year earlier, while supplies from the UAE, which dropped to No.7 position from No.3 in April, fell by 39 per cent, the data showed. Indian refiners hiked imports from Latin America, the US and the Mediterranean to replace Middle Eastern oil. Read: The 'Future' of Reliance: A mega deal destined to shape future of India;s retain space post covid “Indian refiners bought higher volumes of gasoline-rich US oil in March, expecting a recovery in local gasoline demand to continue in the months ahead,” said Ehsan Ul Haq, lead analyst for oil research and forecasts at Refinitiv. According to analysts, India had directed refiners to diversify crude sources after the Opec and its allies ignored New Delhi’s call to ease supply curbs. Asia’s third-largest economy imported about 4.2 million barrels per day of oil in May, just below the previous month but about 31.5 per cent higher than a year earlier, the data showed. US and Canadian oil accounted for about seven per cent and 1.3 per cent, respectively, of India’s imports compared to 4.5 per cent and 0.60 per cent a year earlier. The US emerged as the fifth biggest supplier to India, up two places from 2019-20. Iraq remained India’s top oil supplier in the Middle East followed by Saudi Arabia and the UAE. Nigeria replaced Venezuela as the nation’s fourth-biggest supplier. (This article was first published in Khaleej Times)