BPC earns Tk 55,404 cr net profit in 10 years

Selling oil most profitable business in country

Mahfuja Mukul: The international market is downward, but the price of fuel oil is not reduced in the country. However, if the global market increases, the price in the country will increase. This is how Bangladesh Petroleum Corporation (BPC) is cutting the pockets of customers as they wish. As a result, the company made a profit of more than Tk 55,404 crore in the last 10 years. Out of this, only the 2021-22 fiscal year is the only importer and marketing company of fuel oil in the country, counting some losses. But overall selling oil has become the most profitable business in the country at present.
Bangladesh Economic Survey 2024 has revealed the profit picture of BPC. It can be seen that the organization has made a profit of Tk 4,875.40 crores till April 21 of the current financial year. At the end of the financial year, it is believed that this profit can reach Tk 6,000 crores. However, since last April, BPC has introduced the automatic adjustment system of fuel oil prices in the country with the international market. However, the profit margin of the marketing companies under BPC has also been increased in that manner.
Analyzing the data of the last decade, it can be seen that BPC saw a large amount of profit in the financial year 2014-15 due to a large reduction in the price of fuel oil in the world market. In that financial year, the company made a profit of Tk 4,126.08 crore. However, BPC had posted losses for six consecutive financial years earlier. However, the price of oil in the international market decreased further and the company’s profit increased to Tk 940.07 in the next financial year. In other words, in the financial year 2015-16, the profit of BPC increased by one jump and more than doubled.
Due to low oil prices in the global market, the profit of the company continues the same trend in the next financial year. In this, the profit of BPC for the fiscal year 2016-17 is Tk 8,653.40 crores. That is, the profit in that fiscal year was slightly reduced compared to the fiscal year 2015-16. However, despite the high profit, the government has come under criticism for not reducing the price of fuel oil in the country’s market. Due to this, all types of fuel oil prices were reduced on April 25, 2016.
As a result, the profit of BPC decreased slightly in the next financial year. In this, the profit of BPC for the financial year 2017-18 stood at Tk 5,644.37 crore. After that, the price of fuel oil increased slightly in the international market. This further reduces BPC’s profits. As a result, in the financial year 2018-19, the company made a profit of Tk 4,768.42 crore. After that, the price of oil in the world market did not fluctuate much. As a result, BPC made a profit of Tk 5,665.4 crore in the financial year 2019-20.
However, after the start of the corona infection, the oil prices in the world market started to fall again. By the middle of 2020, it reached a record level. As a result of this, BPC’s profit increases by about 87 percent. As a result, the financial year 2020-21 is the highest profit in the history of BPC. In that fiscal year, the company made a profit of Tk 9,55.94. However, due to the increase in the price of oil in the international market, the company made a loss in the financial year 2021-22. In that financial year, the loss was Tk 1,983.39 crore.
In view of this, the price of diesel has been increased twice and the price of petrol and octane has been increased once in the next financial year. At this time, the price of oil in the country increased by a record amount. However, in the international market, the price of fuel oil is falling. In the face of criticism, the price of oil in the country was slightly reduced. However, BPC made a profit of Tk 5,653.95 crore in the financial year 2022-23. It is expected to increase this fiscal year.