The Bangladeshi Government has announced that it will not be increasing fuel prices immediately, even if international oil prices continue to rise amid the ongoing Israel-Iran conflict.
Addressing journalists after meetings of the advisory committees on economic affairs and Government procurement at the Bangladesh Secretariat, Ahmed mentioned that the interim Government is closely monitoring the situation and is taking necessary precautions to secure essential imports.
In related developments, the Government approved a proposal to purchase a cargo of liquefied natural gas (LNG) from US-based Excelerate Energy at a cost of Taka 612.54 crore. The LNG will be procured at a rate of US $ 15.17 per million British thermal units (MMBtu). Ahmed stated that, so far, trade has not been affected by global developments, but cautioned that future imports, including LNG and fertilisers, may be influenced if global prices continue to rise.
The announcement comes at a time when Bangladesh’s Ready-Made Garments (RMG) sector remains vigilant about potential disruptions in raw material supplies and energy costs. Industry experts emphasize that stable fuel and energy prices are crucial for maintaining the competitiveness of the RMG sector amid global economic uncertainties.
The Government’s proactive measures aim to ensure uninterrupted industrial operations and safeguard the livelihoods of millions involved in the RMG and other sectors, despite the geopolitical tensions impacting global markets.
