The company had officially started operations in 1960.[5] Eastern Lubricants Blenders Limited started production in 1963 as the East Pakistan Lubricants Blenders Limited in Chittagong; it was owned by Burmah Oil Company.[3][6] By 1969, it was one of three lubricant companies in East Pakistan.[7]
Since the Independence of Bangladesh in 1971, Eastern Lubricants Blenders Limited had a monopoly position till the early 2000s when other lubricant companies where allowed to operate in the market.[8] 12 percent of the shares of the Eastern Lubricants Blenders Limited are listed on the stock exchange.[9]
In 1977, the Eastern Lubricants Blenders Limited became a subsidiary of Bangladesh Petroleum Corporation.[6]
In 2004, the company declared 25 percent dividends.[10]
In 2009, the company shares were moved from A category to B category.[11]
In 2015, Eastern Lubricants Blenders Limited became the official distributors of GS Yuasa International, a Japanese company, in Bangladesh.[12]
Eastern Lubricants Blenders Limited signed an agreement in July 2019 to sell bitumen to Bangladesh Petroleum Corporation.[13]
The company's profit increased in 2021 due to a decline in global oil prices.[8] It sells oil to its three sister companies, Jamuna Oil, Meghna Petroleum, and Padma Oil.[8] It signed an agreement with KB Petrochemicals Limited, a joint venture of Sena Kalyan Sangstha.[8] In February 2026, the government removed the chairman of the Eastern Lubricants Blenders Limited, A. H. M. Nurul Islam.[14]
