Fuel stocks sufficient, panic buying behind pump queues: Energy minister

Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud Tuku pointed to panic buying as the cause of the long queues at filling stations, not a shortage of fuel

Speaking to reporters at the Secretariat today (24 March), the minister said Bangladesh has sufficient fuel stocks, adding that an unexpected surge in demand has temporarily strained distribution at the pump level amid reports of fuel shortages during the Eid-ul-Fitr holidays.

"There is no shortage of fuel in the country," he said. "However, people have started purchasing more than they actually need, causing filling stations to run out of stock earlier than usual."

He urged consumers to remain rational and avoid unnecessary stockpiling, assuring that normal supply would prevail if purchasing behaviour stabilised.

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"If people refrain from excessive buying, everyone will get fuel as per their needs. There is no reason to panic," he added.

The energy minister also said that the recent spike in fuel purchases has been "abnormal," placing additional pressure on the supply chain and inadvertently fuelling public anxiety.

"We have repeatedly said that fuel is available. But due to over-purchasing, pumps are running dry sooner, which is creating an unnecessary sense of crisis," he said.

Iqbal Hasan Mahmud also spoke about the import dependency of fuel, making it vulnerable to global market dynamics.

"There are various uncertainties worldwide. In such a context, we must all be cautious and economical in our consumption," he added.

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On the question of a potential price hike, the minister clarified that the government does not directly set fuel prices.

"Fuel pricing is determined by the Bangladesh Energy Regulatory Commission. The government has not taken any decision to increase prices at this moment," he said.