Why Bangladesh Lubricating Oil Market So Uncontrolled?
Before 2000, only state-owned oil companies were allowed to blend, import and distribute the lubricants in Bangladesh.
In 2001, the government has liberalized the lubricant market to ensure a minimum standard for this industry.
Then the blending, importing, and distribution of non-additive engine oils was also banned and the API specification SC/CC got the minimum standard.
Since then, more than 100 lubricants brands have entered into this market.
Then the government-owned oil companies have started losing their market share to private blenders and importers of finished lubricants.
After that, no more industry-oriented regulation brought by the government.
The budget for FY 2018-19 has allowed importing the recycled base oil and refining oil which was banned in the year 2017 by the trade ministry.
Market Observers say it will make the lubricating oil market more uncontrolled.
Still, the low-quality engine oil is a concern. And the absence of proper monitoring has opened the market for recycled oil as base oil, and non-use of the proper additive by the illicit lube blenders.
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About the Author: Zulker Naeen
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