Bangladesh would be able to import 'cheap' Russian oil, as there was no sanction on Russian oil, fertiliser and food, Prime Minister's Energy Adviser Dr Tawfiq-E-Elahi Chowdhury said on Wednesday - interpreting comments of a top US diplomat.
"The US Under Secretary for Economic Growth, Energy and Environment Jose W Fernandez has told us that there is no sanction on Russian oil, fertiliser and food," he noted.
The US diplomat, however, was mum when asked whether Bangladesh would be able to import Russian oil, said Mr Chowdhury during a press conference at the Prime Minister's Office (PMO).
"We've interpreted the US diplomat's opinion as a positive indication to initiate importing Russian oil."
Bangladesh would also be able to import 'cheap' oil from other countries as well, he added.
"Bangladesh will never go for coal extraction domestically, sacrificing land areas," the PM's energy adviser said categorically, responding to a question over the government's future plan on coal extraction.
He, however, noted that the country would get some 2,000 megawatts (MW) of additional electricity soon from the coal-fired power plants.
Regarding the government's hydrocarbon exploration plan, he said the onshore gas blocks would be explored only by the state-run Bangladesh Petroleum Exploration and Production Company Ltd (BAPEX) in future.
The BAPEX might appoint contractors to carry out onshore exploration on its behalf.
The government has plans to build new floating, storage, re-gasification units (FSRUs) in future to meet growing natural gas demand, the PM's energy adviser noted.
Sourcing liquefied natural gas (LNG) is now a critical challenge, as the European countries are running after the fuel to meet their domestic demand. The situation might not get stabilised before 2026, he feared.
Regarding reduction of the prices of diesel, kerosene, octane and petrol by Tk 5.0 per litre, he said this was a tiny trade-off.
"It would have been better, if the price was not lowered. Only Allah knows what the situation will be, if the (Russia-Ukraine) war continues."
He, however, said if the National Board of Revenue (NBR) would cut import taxes further, oil prices could be lowered again.
Mr Chowdhury also opposed the idea of fixing oil prices by the Bangladesh Energy Regulatory Commission (BERC) after public hearing.
Vested quarters would raise oil prices, if the oil price fixing system followed a long procedure, he justified.
Despite some odds since initiation of the Russia-Ukraine war Bangladesh is doing better compared to other countries. Inflation rate in the UK is around 10 per cent and that in the European counties is around 9.0 per cent, he added.
Azizjst@yahoo.com
