Bangladesh stocks plunge after ban on imports

Bangladesh stocks plunge after ban on imports

August 8, 2021 Comments Off on Bangladesh stocks plunge after ban on imports By admin

Dhaka Stock Exchange (DSX) is down to 4.38, while the price of petrol has plummeted by about 1.5%. 

It has been reported that Bangladesh Petroleum Corporation has banned the import of petrol from Iran, which has been causing a supply disruption to the country. 

A tweet by the Dhaka Petroleum Corporation’s deputy director general of petroleum, Shazir Jafar, on Monday said the country’s oil imports are suspended due to the situation in Iran. 

“The import of petroleum products is suspended for the period of 6-8 months due to a security issue with Iran,” he said. 

He also said the ban will be extended till March 31, 2018. 

The ban will last for a period of three years. 

Bajrang Dal is also under a ban from exporting oil and gas products to Iran and banned from importing diesel and kerosene products from Iran.

“Our import ban will not affect our operations in Iran,” said Rajesh Kumar Kumar, the spokesperson of Bajrang Devdas, an influential Hindu political party in Bangladesh. 

BP and its subsidiaries are also in the process of getting a permit to import diesel from Iran to reduce its reliance on Iran’s domestic oil reserves. 

However, the import ban is not expected to affect their operations. 

Meanwhile, in another development, Prime Minister Sheikh Hasina has announced that a cabinet meeting will be held on February 12 to discuss the “solution to the issue” in the case of the ban on importing petrol. 

Prime Minister Sheikh Hassan Sheikh Hasan has decided to hold cabinet meeting on February 11 to discuss a solution to the petrol import ban. 

(With inputs from Reuters)