Panic buying hits Dhaka filling stations as Mideast war raises supply fears
A massive number of motorists queued up at the filling stations since the morning, and the number is growing as the day goes by
Signs of panic buying were observed at many filling stations in Dhaka city today (5 March) amid concerns over a possible fuel supply disruption due to the ongoing war in the Middle East.
Long queues of vehicles were seen outside filling stations across the capital, significantly longer than on normal days, as consumers reportedly rushed to purchase petrol and diesel, fearing a potential shortage.
Pump operators said demand for fuel surged throughout the day, with many drivers attempting to refill their tanks earlier than usual amid uncertainty over global supply conditions.
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The number of motorists queuing up at the filling stations since the morning is growing as the day goes by.
A journalist, who lives in the city's Moghbazar area, told The Business Standard, "Even I panicked and sent my driver to buy fuel right away. I started thinking ahead about travelling to Lalmonirhat for Eid and became worried that there would be a fuel shortage at that time because of the Middle East crisis."
"My driver went to the filling station opposite the InterContinental Dhaka around 11:30am and was still waiting in the queue at 1:30pm. People at the filling station are scrambling, but I don't know when we will get the fuel," said the journalist.
Another Mohammadpur resident said his driver went to the filling station near Asad Gate in the morning to get fuel and was still waiting in the queue.
Authorities have not yet issued any official notice regarding a disruption or likely disruption in the domestic fuel supply.
Meanwhile, the Ministry of Power, Energy and Mineral Resources has urged the public to reduce the use of private vehicles and avoid all types of decorative lighting during the holy month of Ramadan, citing concerns over a potential fuel crisis triggered by the ongoing unrest in the Middle East.
In a notification yesterday (4 March), the ministry said the continuing instability in the Middle East is disrupting global energy supplies, raising fears of a temporary strain on the country's fuel sector.
The notification urged the public to use electricity and fuel economically, discouraged all forms of decorative lighting, and requested people to limit the use of private vehicles and instead rely on public transport.
Earlier on 28 February, Israel launched a "pre-emptive" attack against Iran.
The attack pushes the Middle East into a renewed military confrontation and further dims hopes for a diplomatic solution to Tehran's long-running nuclear dispute with the West.
This new Israeli strike comes after Israel and Iran engaged in a 12-day air war in June last year.
It follows repeated US-Israeli warnings that they would strike again if Iran pressed ahead with its nuclear and ballistic missile programmes.
Iran responded with a wave of counterattacks, targeting Israel and US military assets across the Middle East.
On 2 March, A drone strike hit the Aramco Ras Tanura refinery in eastern Saudi Arabia early, triggering a small fire at one of the kingdom's most important oil processing facilities amid heightened regional tensions.
According to media reports, Saudi authorities said the facility was hit by an Iranian-made Shahed-136 drone. The strike caused a fire that officials described as small, isolated and quickly brought under control.
As a precautionary measure, Saudi Aramco temporarily halted operations at the refinery to assess potential damage.
The news of the attack prompted an immediate reaction in energy markets. Brent crude rose to $80 per barrel, up about 8-9% from its previous trading price.
Iran's retaliatory strikes across the Gulf have triggered the most widespread business disruption in the region since the Covid-19 pandemic, forcing airport closures, halting port operations and sending shockwaves through financial markets.
The attacks, launched in response to a joint US-Israeli assault on Iran, landed across every major state in the Gulf, a region that has spent decades building its reputation as one of the world's most reliable business hubs.
The strikes came weeks after a wave of anti-government protests were violently put down in a crackdown that killed thousands.
Protesters had again taken to the streets in recent days in remembrance of those killed the previous month.
