Fuel prices are unlikely to rise despite global volatility, and hoarding oil will not be profitable, Prime Minister’s Adviser on Policy and Strategy Zahed Ur Rahman said on Wednesday, seeking to calm fears amid a growing energy supply crunch.
Speaking at a press conference at the Ministry of Information and Broadcasting marking the government’s first month in office, the adviser said Prime Minister Tarique Rahman has made it clear that domestic fuel prices will remain unchanged.
“Since the price of fuel oil is not increasing, hoarding will not actually be beneficial,” he said, cautioning petrol pump owners and traders against stockpiling in anticipation of price hikes.
The briefing, organised by the Ministry of Information and Broadcasting, was attended by Information Minister Zahir Uddin Swapan, State Minister Yaser Khan Chowdhury, and Secretary Mahbuba Farzana.
Panic buying behind shortages
Zahed Ur Rahman attributed the recent supply strain largely to panic buying rather than a breakdown in supply management.
He compared the situation to a bank run, saying the fuel supply system is designed around predictable consumption patterns. “If everyone tries to take more than usual at the same time, it creates pressure,” he said, explaining that sudden spikes in demand disrupt the distribution chain.
According to the adviser, fuel allocated ahead of Eid, expected to last several days, was exhausted within hours due to panic purchases and informal stockpiling.
Reports from across Dhaka indicate chaotic scenes at filling stations, with some buyers repeatedly purchasing fuel for resale, while allegations of forced pump openings and threats to fuel tankers have also surfaced.
Global pressure, domestic balancing
The adviser acknowledged that Bangladesh is facing spillover effects from a global energy crisis triggered by ongoing geopolitical tensions.
He noted that the government is currently importing fuel at higher prices and has also turned to the spot market for gas amid uncertainty over long-term supply agreements.
“There is a possibility that we may not receive full gas supply under existing long-term deals. We are trying to manage, but global factors may still create pressure,” he said.
Despite rising import costs, the government has opted against increasing domestic fuel prices to avoid further inflation.
“If we raise fuel prices, it will push up inflation even more. Given the current economic situation and people’s limited purchasing power, we have not taken that path,” he added.
Call for restraint
The adviser urged the public to avoid panic buying and called for collective awareness to stabilise the situation.
“This is not just a supply issue – it’s also about perception and behaviour,” he said, stressing that coordinated restraint is essential to prevent artificial shortages.
He added that the government is monitoring the situation closely and will act against any irregularities in the fuel distribution system, while ensuring accurate information reaches the public.