Oil prices soar as Russia reduces production

amuna Oil Company reported a 56% year-on-year profit increase to Tk 140.58 crore in Q3 of FY2024-25, driven by higher petroleum sales and increased interest income from deposits. Earnings per share (EPS) for January–March 2025 rose to Tk 12.73 from Tk 8.14 in the same quarter last year, while EPS for July 2024–March 2025 reached Tk 36.65, up from Tk 26.60.

The Energy and Mineral Resources Division of Bangladesh has announced that fuel prices will remain unchanged for April 2025, despite global market volatility. According to the directive, the retail prices will continue as follows: diesel at Tk 105 per litre, kerosene at Tk 105, octane at Tk 126, and petrol at Tk 122.

To reduce reliance on volatile spot markets, Bangladesh plans to import 1 MTPA of LNG from Saudi Aramco under a long-term deal, following a similar agreement with US-based Argent LLC for up to 5 MTPA LNG. Aramco’s proposal is under negotiation, with pricing expected to be lower than current spot rates.

MJL Bangladesh PLC has approved the sale of its 20-year-old oil tanker, MT Omera Legacy, for $22.7 million (Tk272.4 crore), with a 3% commission deducted, yielding a net amount of Tk264.22 crore. This decision aligns with its asset management strategy and was disclosed via the Dhaka Stock Exchange.

Padma Oil’s profit surged 76% year-on-year in Q2 FY 2024-25, reaching Tk 125.03 crore, driven by higher non-operating income. Earnings per share (EPS) rose to Tk 12.73 in October-December 2024 from Tk 7.29 a year earlier, while the July-December EPS increased to Tk 25.40 from Tk 16.53.

The government has raised fuel prices by Tk 1 per litre, effective February 1, under the automated pricing formula. Diesel and kerosene now cost Tk 105 per litre, octane Tk 126, and petrol Tk 122. The adjustment aligns local prices with global trends to ensure a stable supply.