The annual sales of engine oil in Bangladesh more than doubled to Tk 80 billion in 2024 from Tk 36.16 billion five years ago, driven by rising prices, increased mobility, industrial growth, and overall economic activities. 

Zeeshan Saif, consultant at Sena Lubricant, attributes the rise in consumption to expanded economic activities, electricity generation, and mobility. The automotive sector accounts for 68% of engine oil demand, followed by 38% from industries, with the marine and agriculture sectors consuming the rest.

Bangladesh’s lubricants market saw an estimated usage of 0.18 million tonnes last year, compared to 0.16 million tonnes five years ago.

Top players in the market include Mobil Jamuna Lubricants Bangladesh Limited, with a 30% share, followed by British Petroleum and Total, holding 10% and 8% shares, respectively. However, a significant portion of the market is served by lesser-known brands.

Market operators expect an 8% annual growth in lubricant demand over the next five years. However, local blenders face challenges, paying a 38% import duty on base oil, while refined lubricant importers face a 49% duty.