The United States (US) has no objection to Bangladesh importing fuel oil from Russia, said  Advisor to the Prime Minister for Power, Energy and Mineral Resources Dr Tawfiq-e-Elahi Chowdhury.

"I had a conversation with the US Under Secretary. I wanted to know if there is any restriction on the import of oil from Russia. He said there is no ban on oil, fertiliser and food by the United States. So we can assume that there is no problem in importing oil from Russia or other countries," Dr Tawfiq-e-Elahi Chowdhury said during a press briefing at the Prime Minister's Office on Wednesday (31 August). 

Advisor to the Prime Minister for Power, Energy and Mineral Resources Dr Tawfiq-e-Elahi Chowdhury held a meeting with US Under Secretary of State for Economic Growth, Energy, and the Environment Jose W Fernandez at the US Department of State in Washington DC on Thursday (18 August).

"We think the United States will support us in importing fuel oil," he added. 

He also said that hiking fuel prices by 42-51% was a good call considering the present situation. 

"We cannot tell what will happen regarding fuel prices. Only God knows." he added. 

"Awami League government is always concerned about the public, which is why fuel prices have been cut by Tk5," he further said.

On 5 August, the Energy and Mineral Resources Division hiked the diesel and kerosene price by 42.5% as well as petrol and octane price by 51%. The prices were adjusted on Monday (29 August) at consumer level in response to the lowering of import duty from 10% to 5% and the withdrawal of all advance taxes on diesel by the National Board of Revenue. 

Fuel price hike has been one of the most discussed issues in the country that have further fueled the already high inflation, causing people to fall into grave distress.

The sanctions imposed on Russia by the US and its European allies since the Ukraine war broke out have disrupted global supply chains of fuel oil and gas, sending prices sky high. While most countries are scrambling to secure their fuel supplies, the crisis has opened new avenues for brisk business for a few.

As the sanctions reduced its market in the West since the Ukraine war, Russia is offering discounts on its fuel oil shipments. China, India, and even the world's second-largest oil producer Saudi Arabia are making the best use of the offer; they are buying cheaper Russian oils to meet domestic demand as well as exporting to Europe at much higher prices after refining.

Earlier, Prime Minister Sheikh Hasina directed the relevant ministries and departments to figure out a way to import fuel oil from Russia in their own currency.

Rosneft Oil Company, a Russian state-owned company, offered to sell finished oil to Bangladesh as the South Asian country does not have the capacity to refine Moscow's crude oil.