No fuel price hike for April as govt strikes at ‘artificial’ shortage

The government has opted to keep fuel prices unchanged for April despite the turbulence in global oil markets. 

Authorities are prioritising public relief while simultaneously ramping up enforcement to combat illegal hoarding and the recent surge in panic-buying.

According to a decision by the Energy and Mineral Resources Division (EMRD), the retail prices for diesel, kerosene, petrol, and octane will remain at current levels. This shelves previous considerations to align domestic rates with rising international trends. 

Officials noted that the move aims to mitigate public hardship, despite the resulting pressure on state subsidies.

Under the existing pricing structure, diesel remains at Tk100 per litre, kerosene at Tk112, petrol at Tk116, and octane at Tk120. 

Bangladesh has been utilising a monthly automatic pricing mechanism since March last year to track global market fluctuations.

Stockpiles and supply stability

Speaking at a press conference at the Secretariat on Tuesday, Monir Hossain Chowdhury, joint secretary (operations) and EMRD spokesperson, assured the public that the country’s fuel supply is stable.

He confirmed that reserves are sufficient to meet April’s demand, with total stocks currently at 192,919 tonnes. This includes 128,939 tonnes of diesel, 7,940 tonnes of octane, 11,431 tonnes of petrol, and 44,609 tonnes of jet fuel. 

Regular imports and efficient unloading at ports are ensuring an uninterrupted nationwide supply.

Despite these assurances, long queues at filling stations have persisted in recent weeks. 

Authorities have attributed the congestion to market anxiety and “artificial” scarcity driven by illegal stockpiling rather than a genuine shortage.

Despite these assurances, long queues have highlighted market anxiety. Authorities attribute the congestion to “artificial” scarcity driven by illegal stockpiling rather than a genuine shortage.Pump owners call for calm, set demands

The Bangladesh Petrol Pump Owners Association has urged the public to remain calm, warning that misinformation is destabilising the distribution system. 

At an emergency briefing in Dhaka, Syed Sazzadul Karim Kabul, convenor of the association, noted that while supply is normal from Teknaf to Tetulia, “unnecessary fear” is creating chaotic scenes at stations.

To restore order, the association has placed an eight-point set of demands before the government, including: Strict security at petrol stations to protect staff from aggressive crowds; limiting fuel sale hours from 7am to 8pm; improved coordination between depots and distribution tankers; and strengthening enforcement to curb social media rumours and misinformation.

The association also proposed keeping stations closed for 11 hours daily to reduce operational pressure and improve distribution efficiency.

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Strict enforcement and ‘tag officers’

The government has launched a nationwide crackdown on hoarders. Between 3 and 30 March, 3,559 operations resulted in 1,244 legal cases and fines totalling Tk 84.51 lakh. 

Nineteen individuals were handed prison sentences, and nearly 300,000 litres of illegally stored fuel were seized.

In the latest 24-hour sweep across all 64 districts, administration officials recovered 87,700 litres of hoarded fuel, including 67,400 litres of diesel. 

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Diplomatic push and import pipeline

State Minister for Foreign Affairs Shama Obaed Islam said that Dhaka is intensifying diplomatic efforts to diversify energy sources. 

Speaking at a press conference on Tuesday, she dismissed claims of a shortage, describing the current market pressure as an “artificial situation” created by unscrupulous traders.

While the Middle East conflict continues to disrupt global supply chains – forcing some neighbouring countries to hike prices by up to 25% – Bangladesh is taking a measured approach. 

State Minister for Public Administration Md Abdul Bari added that there are no immediate plans to introduce measures like extended weekly holidays or remote work to conserve energy, as current reserves are deemed manageable.

On the import front, the Cabinet Committee on Government Procurement, chaired by Finance Minister Amir Khasru Mahmud Chowdhury, has approved the direct procurement of 260,000 tonnes of fuel oil. 

This includes 100,000 tonnes of crude and 160,000 tonnes of diesel. Suppliers include Indonesia’s PT Bumi Siak Pusako Japin and ExxonMobil Kazakhstan.

Meanwhile, the Panama-flagged tanker “PVT Solana” arrived at Chattogram Port on Monday night carrying 27,356 tonnes of diesel from Malaysia. 

Nazrul Islam, managing director of Pride Shipping Lines, confirmed the vessel began discharging its cargo at the dolphin jetty on Tuesday. 

Another shipment of 27,000 tonnes is expected to arrive on 3 April.