Dhaka, Bangladesh (BBN)- The Bangladesh government is going to purchase 0.12 million tones of diesel from the Maldives aiming to build a buffer stock of fuel in the country, officials said Sunday.

The government will also buy 0.537 million tones of urea to meet the growing demand of the farm input, they added.

The cabinet purchase committee at a meeting, held in the capital Dhaka with Finance Minister AMA Muhith in the chair, approved the proposals.

State-owned Bangladesh Petroleum Corporation (BPC) will import the bulk petroleum oil from Maldives National Oil Company Limited for a period of July-December this year, for which the government has allotted US$57.31 million. The premium of the import was fixed at $5.15 per barrel.

The Kuwait Petroleum Corporation (KPC) is a regular fuel supplier to the South Asian country and the purchase committee last week approved to buy 0.42 million tones fuel from the KPC.

The state-run Bangladesh Chemical Industries Corporation will procure 0.4 million tones granular urea from Karnaphuli Fertiliser Company Limited at a cost of $118.90 million. The price was set at $297.25 per tone, according to the officials.

Another 175,000 tones granular urea will be imported from abroad.

BBN/SS/SI/AD-06July09-2:37 am (BST)