Nearly 65 per cent of barrel oils, especially the monograde oils are low in terms of quality.
These are being produced from the recycled base oil, low-quality base oil, or sometimes from the straight mineral base oil without mixing any additives.
Recently, in 2018, a survey observed that the lubricating oil is being imported through under-invoicing to get price benefit. As a result, the government is losing its yearly revenues.
In Bangladesh, a huge amount of processed base oil is being imported every year for rubber industries, which is not fit for the lubricants oil. However, traders are reforming this processed base oil into low-quality lubricants, which are cheaper in terms of price.
This is how lubricants oil market is laden with the lower quality products.