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Biman owes Tk 6.5b to BPC in unpaid fuel bills
Forex shortage hits oil import
2/15/2006
Bangladesh Petroleum Corporation (BPC) is facing difficulty in opening letters of credit (LCs) for import of fuel oils due to paucity of foreign exchange, reports UNB.
Informed sources said despite a decision of an inter-ministerial meeting, chaired by Finance Minister M Saifur Rahman, there has been a stalemate in opening the LCs which might delay the import of petroleum fuels.
According to officials of the energy ministry, the state-owned Janata Bank and Agrani Bank have so far failed to allow BPC to open the LCs on the plea of non-availability of foreign exchange.
Adviser of Ministry for Energy Mahmudur Rahman expressed his dismay Tuesday over the delay saying: "We are repeatedly reminding the state-owned banks to allow BPC to open LCs for importing petroleum … But they are not giving heed to the request."
He said the ships with imported gasoline are on their way to Chittagong port. But the banks are yet to allow the BPC to open the LCs on the plea of foreign exchange shortage.
Rahman claimed the BPC had deposited required amount of local currency to open the LCs.
The banks, he said, referred the matter to the central bank saying, they will not entertain any request with regard to LC opening unless the central bank assures them of the required amount of foreign currency disbursement.
"But it would be totally impossible to take delivery of the fuel without opening the LCs," he added.
Mahmudur Rahman also expressed his disappointment at the delay in payment of outstanding bills of BPC by Biman Bangladesh Airlines.
He said now the decision should come from the highest policymakers for how long Biman should get petroleum fuel on credit.
He said as of this month, Biman owes to BPC Tk 6.50 billion on account of fuel oils. The amount will exceed Tk 10 billion if the interest is included in the bill, he noted.
In the wake of on-going gasoline crisis, Finance Minister M Saifur Rahman had held an inter-ministerial meeting on January 29 and asked all the state-owned banks not to refuse BPC to open LC for the import of petroleum.
After the meeting the finance minister had told reporters that the banks would be directed to help the BPC to open the LCs for petroleum imports.
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