Bangladesh’s Minister of Power, Energy and Mineral Resources Iqbal Hasan Mahmud stated that the country has not experienced any fuel shortage despite global conflicts and disruptions in energy supply. Speaking at a post-budget press conference on June 12 at the Osmani Memorial Auditorium in Dhaka, he said that while other countries faced severe shortages, Bangladesh’s fuel supply remained stable.

The minister explained that the government is working to ensure long-term energy security by revitalizing the state-owned exploration company Bapex, intensifying gas exploration onshore and offshore, and targeting 5,000 megawatts of solar power generation by 2030. He noted that although Bangladesh gained maritime boundaries years ago, effective exploration had not been undertaken until recently. The government now plans to procure five new rigs for Bapex and expand exploration activities.

Mahmud added that due to global instability and disruptions around the Hormuz Strait, some energy contracts with Qatar and Saudi Arabia faced force majeure conditions, prompting Bangladesh to source fuel from alternative suppliers. He said about USD 2.5 billion worth of oil has been purchased to maintain stable supply.