No reason to panic over petrol, octane supplies: Ministry officials
They say surge in ‘panic buying’ by motorcyclists leading to artificial crisis
There is no reason for alarm regarding the supply of fuel, particularly petrol and octane, as the country's internal production is sufficient to meet the demand, officials at the Energy and Mineral Resources Division have said.
Bangladesh does not import petrol or octane, they told The Business Standard today (7 March). Since the internal demand for these two forms of fuel is met entirely through local production from domestic sources, there is no reason for a crisis.
Officials observed that a surge in "panic buying" by motorcyclists is creating an unnecessary rush at filling stations, leading to an artificial crisis. They believe that once this tendency ceases, the balance between supply and demand will be restored.
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Regarding diesel, Bangladesh Petroleum Corporation (BPC) has finalised the import of 2.80 lakh tonnes to meet the demand for March following the outbreak of the Iran crisis, officials mentioned.
Monir Hossain Chowdhury, joint secretary and head of Operation Wing of the Energy Mineral Resources Division, confirmed to TBS that some of these shipments have already begun arriving, while others are currently in transit at sea or in the process of being loaded.
The official also clarified, with a monthly domestic demand of 3.8 lakh tonnes and over 1 lakh tonnes of diesel already in stock, the additional 2.80 lakh tonnes, alongside another 1 lakh tonnes currently in the final stages of procurement from four entities, ensure there will be no diesel shortage this month.
The energy outlook remains stable across other sectors as well, they said.
Energy officials confirmed that Bangladesh has secured the import of two LNG cargoes from Singapore, which is expected to prevent a gas crisis for the time being.
Furthermore, as fertiliser stocks are sufficient to last till November, the government has suspended gas supply to fertiliser factories, allowing for a more consistent supply to other sectors.
The power sector is similarly insulated from immediate disruption, officials said. Current stocks of furnace oil are reportedly enough to meet the 50-day demand of power plants, mitigating the risk of electricity shortages.
The energy division reiterated that if consumers refrain from purchasing more fuel than necessary, the current pressure on filling stations will subside, and the overall supply situation will remain normal.
