Bangladesh has to spend over Tk 700 crore annually for importing lube oils, which is the bloodstream of an engine and essential element for keeping machines operational. Lube oils consumed in Bangladesh are imported either as finished products or as raw materials except a small quantity of recycled oils. Earlier three state-run oil marketing companies used to import lube oils. In 1997, the market was opened to private sector. It was, no doubt, a commendable step by the government, but the opening of market has brought in some problems also. While the consumers are getting quality lube oils of reputed international brands at their doorsteps at competitive price, some unscrupulous traders are importing substandard lubes and selling them at cheaper price. Theses low quality oils are reducing the life spans of machines and automobiles. There is no quality control mechanism in checking this fraudulence. Analysts believe once the Energy Regulatory Commission starts its functioning, it would be able to control the market and save the consumers from the long term negative effect of using substandard lube oils now flooded the local market.