• English
    • en_USEnglish
    • en_GBEnglish
28 °c
26 ° Tue
26 ° Wed
26 ° Thu
26 ° Fri
Friday, September 29, 2023
Asiafreepress
  • Home
    • Latest
  • World
  • Asia
    • China
    • Pakistan
    • Afghanistan
    • India
    • Central Asia
  • News
  • Politics
  • Security
  • Law
  • Business
  • Review
    • Editorial
    • Analysis
    • Perspective
    • Literature
  • Science & Tech
  • Entertainment
    • Showbiz
    • Lifestyle
  • Sports
  • Multimedia
Breaking News
Pakistani school awarded 2023 UNESCO prize for ‘girls’ and women’s educationChina’s Xinjiang pipeline enterprise eyes cooperation with PakistanRight to information still an ‘empty promise’ for billions: UN expertUS lawmaker’s move in Congress seeking to bar aid to Pakistan defeatedChina launches first cross-sea bullet train line near Taiwan Strait
No Result
View All Result
  • Home
    • Latest
  • World
  • Asia
    • China
    • Pakistan
    • Afghanistan
    • India
    • Central Asia
  • News
  • Politics
  • Security
  • Law
  • Business
  • Review
    • Editorial
    • Analysis
    • Perspective
    • Literature
  • Science & Tech
  • Entertainment
    • Showbiz
    • Lifestyle
  • Sports
  • Multimedia
No Result
View All Result
Asiafreepress
No Result
View All Result
Home Asia

Bangladesh struggles to pay for fuel imports as dollar crisis worsens -letters

Reuters by Reuters
May 22, 2023
in Asia, Business, Latest
0
Bangladesh struggles to pay for fuel imports as dollar crisis worsens -letters
0
SHARES
36
VIEWS

DHAKA, May 22 – Bangladesh is struggling to pay for imported fuel because of a dollar shortage, letters reviewed by Reuters show, with the state petroleum company owing more than $300 million as it faces an “alarming decrease in fuel reserves”.

All import and marketing of fuel in the country of nearly 170 million people is controlled by Bangladesh Petroleum Corp (BPC), which has asked the government to permit domestic commercial banks to settle dues with India in rupees.

The South Asian nation’s dollar reserves have shrunk more than a third since Russia’s invasion of Ukraine in February last year to stand at a seven-year low of $30.18 billion by May 17.

Heavily reliant on energy imports, Bangladesh is grappling with power cuts resulting from a fuel shortage that have badly hurt its exports-oriented garments industry.

“Due to a shortage of foreign currency/dollars in the domestic market and the central bank not meeting demand for U.S. dollars, commercial banks are unable to pay for imports on time,” BPC told the power ministry in a May 9 letter reviewed by Reuters.

That followed a warning in a letter in April that said, “If it is not possible to import fuel according to the import schedule prepared for May, supply may be disrupted throughout the country with an alarming decrease in fuel reserves.”

The ministry, BPC and the central bank did not immediately respond to telephone calls to seek comment.

BPC imports 500,000 tonnes of refined oil and 100,000 tonnes of crude oil every month.

The April letter said several fuel suppliers had either sent fewer cargoes than scheduled or threatened to halt supplies.

Creditors included Unipec, the trading arm of China’s state-owned Sinopec (600028.SS), Vitol, ENOC, Indian Oil Corp Ltd (IOC) (IOC.NS), PetroChina (601857.SS) and Indonesia’s BSP, it said.

“Several companies are threatening to stop supplies while others are sending fewer cargoes than planned,” said a BPC source who sought anonymity to speak on a sensitive issue.

Previous Post

Beijing rebukes Japan, Britain over ‘anti-China’ G7 summit

Next Post

Int’l scientists highlight cooperation at Greater Bay Area Science Forum

Reuters

Reuters

Next Post
Int’l scientists highlight cooperation at Greater Bay Area Science Forum

Int'l scientists highlight cooperation at Greater Bay Area Science Forum

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • Trending
  • Comments
  • Latest
Jammu Genocide: Forgotten human carnage of disputed region

Jammu Genocide: Forgotten human carnage of disputed region

November 6, 2021
Heroic Tale of a Pakistani SULTAN in 1971 War

Heroic Tale of a Pakistani SULTAN in 1971 War

December 1, 2021
Indian forces kill under trial inmate in staged encounter in Kashmir

Indian forces kill under trial inmate in staged encounter in Kashmir

October 26, 2021
Peace, development make way to Xinjiang. Experts reject US allegations of genocide in Xinjiang China

Peace, development make way to Xinjiang. Experts reject US allegations of genocide in Xinjiang China

November 26, 2021
Pakistan summons Indian diplomat over killing of Muslims  in Assam

Pakistan summons Indian diplomat over killing of Muslims in Assam

4
Jammu Genocide: Forgotten human carnage of disputed region

Jammu Genocide: Forgotten human carnage of disputed region

4
Peace, development make way to Xinjiang. Experts reject US allegations of genocide in Xinjiang China

Peace, development make way to Xinjiang. Experts reject US allegations of genocide in Xinjiang China

3
India’s senior army officer booked on rape charges

India’s senior army officer booked on rape charges

3
Pakistani school awarded 2023 UNESCO prize for ‘girls’ and women’s education

Pakistani school awarded 2023 UNESCO prize for ‘girls’ and women’s education

September 29, 2023
China’s Xinjiang pipeline enterprise eyes cooperation with Pakistan

China’s Xinjiang pipeline enterprise eyes cooperation with Pakistan

September 29, 2023
Right to information still an ‘empty promise’ for billions: UN expert

Right to information still an ‘empty promise’ for billions: UN expert

September 29, 2023
US lawmaker’s move in Congress seeking to bar aid to Pakistan defeated

US lawmaker’s move in Congress seeking to bar aid to Pakistan defeated

September 29, 2023

Recent News

Pakistani school awarded 2023 UNESCO prize for ‘girls’ and women’s education

Pakistani school awarded 2023 UNESCO prize for ‘girls’ and women’s education

September 29, 2023
China’s Xinjiang pipeline enterprise eyes cooperation with Pakistan

China’s Xinjiang pipeline enterprise eyes cooperation with Pakistan

September 29, 2023
Right to information still an ‘empty promise’ for billions: UN expert

Right to information still an ‘empty promise’ for billions: UN expert

September 29, 2023
US lawmaker’s move in Congress seeking to bar aid to Pakistan defeated

US lawmaker’s move in Congress seeking to bar aid to Pakistan defeated

September 29, 2023
Asiafreepress

Follow Asia Free Press (AFP) on Twitter, Facebook, Linkedin, Youtube and Instagram for the latest news from China, Pakistan, Afghanistan, India, Kashmir and across Asia.

Follow Us

Photo Gallery

Quick Links

  • Submission Guidelines
  • Privacy Policy
  • About Us
  • Contact Us

Stay in Touch

To be updated with all the latest news, offers, and special announcements.

No Result
View All Result
  • Home
    • Latest
  • World
  • Asia
    • China
    • Pakistan
    • Afghanistan
    • India
    • Central Asia
  • News
  • Politics
  • Security
  • Law
  • Business
  • Review
    • Editorial
    • Analysis
    • Perspective
    • Literature
  • Science & Tech
  • Entertainment
    • Showbiz
    • Lifestyle
  • Sports
  • Multimedia

en_USEnglish (United States)
en_GBEnglish (UK) en_USEnglish (United States)