Bangladesh faces mounting uncertainty over fuel and gas supplies (AI-Generated Image)
India plans to send 5,000 tonnes of diesel to Bangladesh on Tuesday, according to Muhammad Rezanur Rahman, who heads the Bangladesh Petroleum Corporation (BPC).
This delivery is part of a bigger deal; Bangladesh is set to get 180,000 tonnes of diesel under a long-term agreement with India.
Rahman explained that Bangladesh needs to import at least 90,000 tonnes of diesel within six months as part of this arrangement.
The 5,000 tonnes arriving now are just the start, and he expects the country to bring in the full amount over the next two months.
This shipment comes at a tense moment. Countries everywhere are scrambling for fuel as supplies tighten, thanks to the ongoing US-Israel war on Iran. Oil prices have jumped sharply.
Tanker traffic through the Strait of Hormuz, a crucial route for about a fifth of the world’s oil and gas has slowed down, and suppliers have cut back on production.
With the conflict in West Asia dragging on, oil prices have shot up to levels not seen in four years. Prices have already broken past $100 a barrel and even touched $119. Some analysts warn that if things don’t settle down soon, we could see oil hit $150 a barrel.
Bangladesh will shut down all universities on Monday and postpone the Eid al-Fitr holidays as emergency measures to save on electricity and fuel, with an aggravating energy crisis due to the conflict in the Middle East.
According to authorities, the move is applicable in all governmental and non-governmental universities in the country, and the move will not only save on electricity use but also on traffic jam that contribute to fuel wastage.
According to the officials, university campuses waste a great deal of electricity on residential halls, classes, laboratories and air conditioning, and the early shutdown would help ease the overstrain on the already ailing power supply of the country.
Schools in Bangladesh, both governmental and privately owned, are already shut during the Islamic holy month of Ramadan, which implies that the majority of the educational facilities within the country will be closed throughout the month.
The decision is made when Bangladesh is experiencing increasing uncertainty over the supply of fuel and gas following the uproar in global energy markets due to the current disturbance in the Middle East.
The nation, which depends on imports to supply 95 percent of the energy requirements, put daily quotas on Friday on the sale of fuels following the panic buying and hoarding.
The government has also requested all foreign-curriculum schools and private coaching centres to shut down during the period as part of the wider austerity measures to curb the consumption of electricity.
Bangladesh has already been forced to close four of its five state-owned fertiliser factories by severe gas shortages, and instead channelled available gas to the power plants to prevent widespread outages.
The nation has also purchased LNG at the spot market at significantly elevated costs in the quest to acquire more cargoes to cover supply discontinuities.
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