Govt does not provide subsidy for fuel oil: Nasrul Hamid

State Minister for power, energy and mineral resources Nasrul Hamid has said that the government does not directly give any subsidy to fuel oil, reports UNB.

He said this while replying to a tabled question from Awami League’s member of parliament (MP) Haji Mohammmad Salim in the parliament on Wednesday.

Nasrul Hamid said the Bangladesh Petroleum Corporation (BPC) incurred a loss of about Tk 27 billion in the 2021-22 fiscal due to the increase in the prices of all types of fuel oil as an impact of the ongoing Ukraine-Russia war. Although the government adjusted the prices, the price hike could not be controlled.

The BPC incurred this loss from its earlier profits without taking any subsidy from the government, he added.

The state minister further said that due to the ongoing Russia-Ukraine war, the BPC is facing a risk of incurring loss in the 2022-23 fiscal as well. The BPC has not received any subsidy from the government in the current fiscal as well and it is compensating the losses from its previous profits.

In response to a question of Awami Legue MP from Chattogram M Abdul Latif, Nasrul said that seven foreign companies have invested $3,483.59 million in Bangladesh in the last 14 years for the development of the gas sector.