Bangladesh To Raise Fuel Imports By 25 Pct Amid Global Supply Concerns

DHAKA, March 24 (Bernama-UNB) -- The government has decided to increase fuel imports by 25 per cent this year to tackle potential supply disruptions caused by the ongoing conflict in West Asia, Energy Minister Iqbal Hassan Mahmood said on Monday, United News of Bangladesh (UNB) reported.

“Despite global concerns over fuel supply, there is no immediate crisis in Bangladesh. As a precautionary measure, the government has decided to raise fuel imports by 25 per cent,” Iqbal told reporters at his residence in Dhaka in the afternoon.

The minister said vessels carrying sufficient fuel supplies are arriving at ports, and the government is maintaining strict vigilance to ensure uninterrupted distribution across the country.

Highlighting the government’s subsidy efforts, the minister said fuel is being purchased at higher prices from the spot market but sold to consumers at lower rates.

“The duration of the conflict remains uncertain, the government will continue providing subsidies for as long as possible, considering people’s purchasing capacity,” he added.

Referring to disruptions in global supply routes, Iqbal noted that oil shipments through the Strait of Hormuz are facing challenges. “Ships are unable to move normally through the Strait of Hormuz and require special permissions, which is causing some disruptions to regular supply.”

On fuel reserves, the minister said stock levels are being managed based on demand, and uninterrupted supply has so far prevented any major crisis.

Urging the public to remain calm, he called on consumers to avoid panic buying. “Please refrain from panic buying. Purchase only what you need. Panic buying is increasing pressure on depots and fuel stations.”

Meanwhile, visits to several fuel pumps in the capital found vehicles waiting in long queues for fuel, while some stations were temporarily shut after running out of stock due to increased demand, further fuelling public anxiety.

-- BERNAMA-UNB