BPC automates system to get proceeds of fuel sales in time

Bangladesh Petroleum Corporation (BPC), the country's lone energy and gas importing organisation will automate the system of selling oil and gas in a bid to realize the prices of fuels timely.

BPC supplies oil and gas at dealers’ level across the country under its marketing and distribution bodies like Padma Oil Co. Ltd, Meghna Petroleum Co. Ltd, Jamuna Oil Co. Ltd and Standard Asiatic Oil Co. Ltd.

Although BPC finances import of oil and gas, the prices for fuel products goes to the hands of the marketing and distributing organisations and BPC has to wait for 6 months to 1 year to get the money.  Even BPC has to face hardship in adjusting the outstanding bills in the market against the invoice.

Md. Shamsur Rahman, Chairman of BPC admitted that it has been a very cumbersome process to adjust accounts even after appointing auditors.

Sources concerned said 1 litre of diesel is sold at Tk 62.52 at the dealers’ stage of which BPC is supposed to get Tk 59.81 and the share of the companies is only Tk 2.71 for distribution cost. But the total amount for selling oil remains with the marketing and distribution companies for months together, whereas loss amount of BPC, that meets the import cost from the government exchequer, stands at Tk 800 crore a year.

Besides, BPC has to depend on distribution and marketing companies to get the calculation of storage and supply of oil.

On the said perspective, the BPC is going for digitalize the processes of bagging prices of oil and gas from the distribution companies immediately after their sales aiming to resolve the problems.

Sources also said under the automation process, there will be a provision to deposit money of sold oil to the banks and with an special banking arrangement, and due share of BPC and distributing organisations will instantly be divided to their respective bank accounts as soon as the amount is deposited.

Md. Shamsur Rahman said, primarily the collection process will run at all branches of NRB Commercial Bank Limited, National Bank Limited and Islami Bank Bangladesh Limited and later gradually branches of all commercial banks will be brought under its network.

He hoped that this automation process will contribute significantly to realizing the money of sold oil of BPC. It will also help get a proper picture of supply and storage of oil and gas of the country.