UK based BP, one of the leading lubricant oil suppliers in Bangladesh, launched a new lubricant under the brand Visco 3000 yesterday in an attempt to raise its stake in the country's about Tk 12,00 crore lubricant market.
“We have brought our latest brand in keeping with the increased usage of new generation cars in Bangladesh market,” said Sujit Sen, regional general manager of the company, said at a press briefing in Dhaka.
BP, which is also retailing its various brands such as Super V, Visco CNG through state-owned petroleum marketing company Meghna Petroleum Ltd, has brought the new brand amid rising consumption of lubricant oil in Bangladesh.
The market for lubricant is growing between 3 and 4 percent annually with Mobil controlling the major portion followed by BP, industry insiders said.
According to BP, yearly domestic consumption of lubricant stands at 1.0 lakh metric tonnes with branded lubricant constituting about 70 percent.
“We sell about 12,000 metric tonnes of lubricant annually,” said Sujit.
BP said, the new product helps remove sludge inside the engine and is also oil saving.
Soren Malekar, area supply chain manager in India, said the product is popular in Europe and the Middle East and is currently being imported from abroad.
“The way new generation cars are coming, all of these cars will use high tech engine oil from high tech laboratory in future,” he said, adding that the Visco 3000 will help users increase the life of their car engines.
Mehgna Petroleum Managing Director Abdul Wadud Khan hoped that the newly launched lubricant would win the market and achieve consumer confidence.