Double tariff policy impacts Crude Oil traders’ profits

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Double tariff policy impacts Crude Oil traders’ profits

BM Desk:

The dual policy of the government, imposing different tariffs on crude oil imports for public and private sectors, has resulted in significant losses for private entrepreneurs.

The sector’s entrepreneurs are urging for a consistent policy for crude oil imports across both sectors.

According to a press release, the Bangladesh Petroleum Corporation (BPC) applies a tariff value of $40 per barrel when clearing Chittagong Custom House after importing crude oil.

However, private companies face charges based on the invoice value for imports in the same HS code.

BPC determines the product price without accurately assessing the customs duty concerning the invoice value.

Consequently, the National Board of Revenue (NBR) later demands additional payments from BPC, which is not factored into its pricing formula.

BPC sources indicate an annual demand of approximately 75 lakh metric tons of fuel oil, with diesel accounting for 50 lakh metric tons of this demand.

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