Shawdesh Desk:

State-owned power and energy companies continue to make profits or reduce their losses by frequently increasing their prices.

The Bangladesh Economic Review released on Thursday showed that Bangladesh Petroleum Corporation made a profit of Tk 4,875 crore until April 21, 2024.

In the previous financial year, the BPC made a profit of Tk 5,653 crore, according to the economic review published on Thursday.

Immediately after the previous financial year began, the BPC had increased the prices of petroleum products by up to about 52 per cent, citing losses.

The economic review of the past year showed that the BPC was at Tk 7,087 crore in losses until May 23.

The economic review this year implied that the BPC had made a profit of nearly Tk 13,000 in a little over one month to end the financial year in profit.

The BPC has been adjusting fuel prices every month since March. The prices went up in two of the three months.

The loss of Bangladesh Power Development Board, on the other hand, stood at Tk 6,118 crore, revealed the economic review, marking a substantial drop in its losses compared with the previous financial year.

In 2022-23, BPDB›s loss was Tk 11,163 crore.

Power prices have increased four times since 2023. The BPDB also proposed that the government keep increasing electricity prices throughout the year to reduce subsidy burdens.

Increased energy prices dealt a severe blow to Bangladesh’s ordinary people and were partly responsible for high food inflation, prompting people to shed protein from their menus.

Bangladesh Oil, Gas, and Mineral Corporation (Petrobangla) made a profit of Tk 414 crore. Petrobangla  has not reported a loss since 2008–2009.

The price of natural gas controlled by Petrobangla was also frequently increased. In January 2023, the gas price was increased by up to 179 per cent. The gas price increased again in January of this year.

According to the Bangladesh Economic Review 2024, the overall losses of the 49 SOEs are Tk 6,041 crore in FY 2023–24.

The economic review this year showed that the SOEs had not suffered any losses since 2013–14 until this year. However, the economic review last year showed that the SOEs had losses of Tk 13,741 crore. The economic review this year showed that last year, SOEs profited Tk 109 crore.

The economic review showed that 12 SOEs incurred losses in FY 23–24. The BPDB suffered the highest loss in 2023–24.

The Trading Corporation of Bangladesh came in second with a loss of Tk 6,033 crore in this outgoing financial year, but the losses were Tk 1,139 crore in the previous financial year.

The Bangladesh Rural Electrification Board recorded the third-highest loss of Tk 4,499 crore in the outgoing financial year, but the losses were Tk 1,504 crore in the previous financial year.

Bangladesh Chemical Industries Corporation is fourth with losses of Tk 1,509 crore in the outgoing financial year against losses of Tk 875 crore in the previous financial year.

Bangladesh Sugar and Food Industries Corporation ranks fifth with losses of Tk 571 crore, followed by Bangladesh Inland Water Transport Authority of Tk 126 crore, Bangladesh Jute Mills Corporation of Tk 125 crore, Bangladesh Road Transport Corporation of Tk 117 crore, RDA of Tk 97 crore, Bangladesh Inland Water Transport Corporation of Tk 60 crore, BFDC of Tk 21 crore, and Bangladesh Textile Mills Corporation of Tk 14 crore.