Bangladesh faces no immediate risk over Hormuz closure: Commerce minister
The minister added that if the conflict is resolved within a few days, there will be no cause for concern regarding fuel and essential commodities
Commerce Minister Khandaker Abdul Muktadir has said that although the Strait of Hormuz is closed due to the Iran conflict, Bangladesh has nothing to fear so far.
If the conflict is resolved within a few days, there will be no cause for concern regarding fuel and essential commodities, the minister said today (2 March) at the Secretariat while responding to questions from journalists after a courtesy meeting with Indian High Commissioner Pranay Verma.
"There is no reason for us to worry about fuel and essential commodities at this moment. Let us see which way the situation unfolds," he said.
"If the Strait of Hormuz is closed due to the Iran war, ships would have to reroute via the Cape of Good Hope in Africa. In that case, freight costs increase, which in turn drives up the prices of all goods. However, we are not facing such a situation yet," the minister stated.
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The Strait of Hormuz is one of the world's most critical shipping lanes, handling roughly 20% of global oil trade and about 20% of seaborne LNG shipments.
For Bangladesh – heavily dependent on imported fuels – this narrow maritime corridor is vital.
Petrobangla's LNG import plan for March to May shows how exposed the country is. Over these three months, 22 LNG cargoes are scheduled to arrive in Bangladesh. Of them, 18 are supposed to pass through the Strait of Hormuz.
According to Petrobangla, six cargoes are expected in March, five in April, and seven in May, all to arrive via the Strait of Hormuz.
If the conflict drags on, Bangladesh's imports of liquefied natural gas, crude and finished products could face significant disruption, officials warn.
