The Bangladeshi government yesterday approved a proposal for import of some 1.5 million tons of refined petroleum from Malaysia, private news agency UNB reported.

Under the proposal of the country's Energy Ministry, the state-owned Bangladesh Petroleum Corporation (BPC) will make the bulk import of petroleum from Petco, a sister concern of the Malaysian state-owned Petronus Corporation, under a state-to-state deal.

Of the total fuels, 1.2 million tons are diesel while 150,000 tons jet fuel and another amount of 150,000 tons kerosene, the report said.

The premium was fixed at US$5.98 for a barrel of diesel and US$6.60 for each barrel of jet fuel and kerosene.

It will cost about 48.97 billion taka (about US$699.6 million).

The total petroleum fuels will be imported between March and December next year.