Energy and Mineral Resources Division (EMRD) has urged the government to convert Bangladesh Petroleum Corporation’s (BPC) Tk 274.20 billion worth of outstanding debt into subsidies.
The state-run BPC owes such accumulated debt to the government on account of its losses because of selling petroleum products at lowerthan-procurement prices.
The EMRD in a recent letter sought the Finance Ministry’s necessary steps in this connection, according to officials. When contacted, a senior BPC official said, “EMR division has already made an appeal to the Ministry of Finance (MoF) for taking necessary steps so that the BPC gets rid of its debt burden.” Officials at the MoF said they will scrutinize the EMRD’s plea for converting the BPC’s outstanding debts into subsidy.
They, however, said it will take some time to make a decision on the issue.