Meghna Petroleum Limited (MPL) was set upon December 27, 1977 under Company Act 1913 (later on company Act 1994), as a private limited company with the objectives of taking over the physical possession of all the fixed assets of the erst while Meghna Petroleum Marketing Company Limited (MPMCL) and Padma Petroleum Limited (PPL) as on March 31, 1978. Meghna Petroleum Marketing Company Limited was created after acquiring the operation of the then ESSO Eastern Inc. (1962) of America in 1975 and Padma Petroleum Limited was created in 1972 after acquiring the operation of the then Dawood Petroleum Limited (1968). In the year 1976 the assets and liability of the company were transferred and handedover to Bangladesh Petroleum Corporation (BPC) as per BPC Ordinance no. LXXXVIII. Since then Meghna Petroleum Limited has been functioning as a subsidiary of BPC.

The Company started its journey with an Authorized Capital and Paid-up Capital of Tk. 100 million and Tk. 50 million respectively. The Company was converted into Public Limited Company from a Private Limited Company on 29th May 2007 and its Authorized Capital was increased to Tk. 4000 million. On 17th January 2014 the Paid-up Capital of the Company was increased to 983.80 million by issuing Bonus Share.