The government will import 13 lakh tonnes of crude oil from the international markets this year at a cost of $553 million.

The cabinet committee on purchase approved the procurement plan at a meeting chaired by Finance Minister AMA Muhith at the secretariat yesterday.

Of the amount, Abu Dhabi National Oil Company will supply six lakh tonnes of unfinished oil worth $268.36 million and Saudi Arabian Oil Company will supply seven lakh tonnes of Arabian crude oil at $284.98 million under government-to-government agreements.

The price of oil might be $55.39 a barrel for six lakh tonnes and $58.47 a barrel for seven lakh tonnes, according to official figures. 

Eastern Refinery Ltd, the country's lone refinery owned by Bangladesh Petroleum Corporation, will refine the crude oil.

Bangladesh consumes more than five million tonnes of oil a year.