The Bangladesh government has initiated the process of purchasing 1.8 million tons of diesel from the international spot market to address the ongoing fuel crisis. Bangladesh Petroleum Corporation (BPC) has already begun discussions with several international suppliers, including two American companies and one based in Hong Kong. The procurement will follow current global market prices, which have surged sharply in recent weeks. BPC’s board has approved proposals to buy diesel from four companies, including Maxwell International SPC, AP Energy Investments Ltd, Superstar International Group Ltd, and DBS Trading House FZE.

Global diesel prices have fluctuated dramatically, rising from around 85 dollars per barrel in late February to over 213 dollars by late March. Officials said the government is cautious about fixed-price contracts due to potential price drops if U.S.-Iran talks progress. Despite high import costs, the government has no immediate plan to raise domestic fuel prices, raising concerns about subsidy burdens. BPC’s reserves have dropped to cover only six to seven days of demand, leading to pump closures and long queues nationwide.

Authorities expect new shipments to arrive soon and are optimistic that the crisis will ease once additional consignments reach the country.