Energy importers suffered a lot
Private energy importers suffered a lot in 2022 alongside government organisations.
The sector suffered a lot for not being able to open a sufficient number of letters of credit (LC) for the US dollar crisis.
Energy is not a luxury product and so Bangladesh Bank should allow opening LCs as Partex Petro needs a huge number of LCs.
Partex Petro had to import crude oil at $107 per barrel in July but sell it at $83 per barrel to the government in October.
This was not only for the fact that the price internationally had declined when the sale was made but also for the government adjusting the payment to $1 less than the international market rate.
Another point to note is that energy importers do not have permission to sell directly to retailers, rather they have to provide supplies to the government.
Besides, energy importers faced losses due to the price increase of the US dollar as they had to settle LCs at Tk 108 per dollar in spite of opening those at Tk 94 per dollar.
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