Commerce Minister Khandaker Abdul Muktadir stated that the recent increase in fuel prices in Bangladesh is very small compared to other countries. Speaking in Sylhet on Friday, he said the impact on commodity prices would be a one-time spike and would not lead to persistent inflation. He warned that if anyone raises prices unjustifiably, the government will take action.

The minister explained that inefficiency in port management has raised transportation costs and that a Danish official has been assigned to improve port capacity. He also commented on a trade agreement with the United States, noting that while some clauses favor one side, others benefit the other, creating a win-win situation. If any clause is found to be against national interests during implementation, there is scope for revision within the agreement.

Muktadir further said the government plans to hand over loss-making state-owned enterprises to private investors to reduce inefficiency and create employment. He also discussed plans to develop a natural park in Sylhet’s Baishthila area with facilities like a cable car and rope bridge to attract tourists.

Saudi Arabia recorded a budget deficit of 125.7 billion riyals (about 33.5 billion dollars) in the first quarter of 2026, marking its largest shortfall since 2018. The deficit nearly doubled compared with the same period last year, according to data from the Saudi Ministry of Finance cited by Bloomberg. The shortfall was attributed to the economic impact of the Hormuz Strait closure and accelerated government spending.

The ministry reported that to mitigate supply risks from the Hormuz disruption, the government advanced infrastructure and food import expenditures. It also invested heavily in expanding Red Sea coastal ports and increased spending on transport and logistics projects to strengthen alternative trade routes.

Analysts noted that amid regional tensions and uncertainty in energy transport, Saudi Arabia prioritized economic security through early preparedness, though this approach has immediately strained the national budget.

France’s Transport Minister Philippe Tabarot announced on Friday that despite concerns over a potential jet fuel shortage caused by the Iran war, there is no expectation of major flight cancellations during the upcoming summer season. He said airlines have little interest in canceling flights during this peak revenue period, though some carriers have slightly reduced their schedules. Transavia France confirmed that only 2 percent of its flights in May and June have been canceled.

In response to the possible fuel supply challenges, the French government is implementing special measures to support airlines. These include extending deadlines for social security contributions and tax payments, as well as allowing greater flexibility in fuel loading operations.

Industry observers have warned that Europe could face a jet fuel shortage in the coming weeks, as the region imports about 75 percent of its aviation fuel from the Middle East. European authorities are working urgently to find solutions to prevent major travel disruptions during the summer holiday period.

UAE-based offshore marine support company Gulf Marine Services (GMS) reported a 24 percent decline in profit for the first quarter of the year, following the withdrawal of four vessels from a Gulf Cooperation Council (GCC) country. The company said the move was a precautionary measure amid the ongoing conflict involving the United States, Israel, and Iran. According to Reuters, GMS’s core profit for the three months ending March 31 fell to 19.5 million dollars, compared with 25.6 million dollars during the same period last year.

The company stated that operations in the unnamed GCC country were halted in March, resulting in no revenue from those vessels during that month. GMS did not disclose the country’s name for security reasons. The company added that crew members returned to all vessels in early April, about a month after the Strait of Hormuz was closed following U.S. and Israeli attacks on Iran in February. Customers resumed operations on two vessels shortly afterward.

Despite the temporary losses, GMS maintained its full-year profit target for 2026, signaling confidence in recovery as operations gradually resume.

Residents of Panchagarh’s border area Tetulia have revived their decades-old demand to reopen the Shalbahan oil field, which was abruptly shut down nearly 37 years ago. The field, discovered in 1987 and inaugurated in 1988 by then-President Hussain Muhammad Ershad, had shown promising signs of oil reserves. A French company was assigned to drill up to 8,000 feet, but operations ceased within eight months without explanation, leaving the site abandoned and the reasons undisclosed.

Local citizens and organizations are now urging the government to investigate the mystery and restart exploration, arguing that the field could significantly contribute to Bangladesh’s energy sector. The district administration has confirmed that a letter has been sent to the relevant ministry for evaluation. Activists and community leaders believe reopening the field could transform the region’s economy and reduce national fuel shortages.

The site, once bustling with foreign experts and heavy machinery, now hosts residential homes, though the cement-sealed wellhead remains as a relic. Visitors continue to arrive, drawn by curiosity about the long-silent oil field.

Ahead of the upcoming Eid-ul-Azha, authorities have decided to set up a total of 28 cattle markets in Dhaka, including the permanent one at Gabtoli. Of these, 16 markets will be under the Dhaka North City Corporation (DNCC) and 12 under the Dhaka South City Corporation (DSCC). Both city administrations have emphasized strict measures to ensure transparency in the leasing process and to keep it free from political influence.

DNCC Administrator Shafiqul Islam Khan stated that the leasing process is conducted openly through tenders, allowing all interested parties to participate. He added that ten of the northern city’s markets have already been leased, while the remaining five are expected to be finalized by next Monday. DSCC Administrator Md. Abdus Salam said their 12 temporary markets were also leased through open tenders, asserting that no political pressure was involved.

The DSCC further instructed that no market may operate before the designated time and that boundaries have been clearly marked, warning that any violation will result in action.

Advance ticket sales for long-distance bus travel have begun across Bangladesh ahead of the upcoming Eid-ul-Azha festival. Following a pre-set decision by the Bangladesh Bus-Truck Owners Association, ticket sales started on Friday morning through both online platforms and physical counters. Tickets are being sold for journeys scheduled between May 21 and the days leading up to Eid.

According to Shyamoli NR Travels General Manager Jiban Chakraborty, all of their tickets went on sale Friday morning, with strong demand for trips on the nights of May 24, throughout May 25, and the morning of May 26. He noted that most tickets for these dates were sold out by 10 a.m., as the government holiday begins on May 25.

The Bangladesh Bus-Truck Owners Association stated that no operator is allowed to charge fares above the rates set by the Bangladesh Road Transport Authority (BRTA). The same fares will apply online, and every counter must display the BRTA-approved fare chart.

Farmers in Bangladesh’s haor region are struggling to preserve their Boro paddy harvest after sudden rainfall and water inflow from India left fields submerged. The harvested paddy remains too wet to store or sell, as continuous rain and lack of sunlight prevent drying. A shortage of drying machines has worsened the situation, leaving much of the crop unsellable. The Department of Agricultural Extension (DAE) has deployed drying machines and labor support, but these measures remain insufficient.

The government has begun paddy procurement at Tk 1,440 per maund, but most farmers cannot meet the 14 percent moisture requirement, forcing them to sell at distress prices of Tk 400–600 per maund in open markets. Middlemen are reportedly exploiting the situation by buying cheaply and reselling at higher prices. Agricultural economist Dr. Jahangir Alam suggested that the government could buy wet paddy and dry it elsewhere to stabilize the market.

Preliminary assessments show extensive crop losses across Sunamganj, Kishoreganj, Netrokona, and Mymensingh, affecting tens of thousands of farmers. Officials say damage surveys and relief measures are underway, but uncertainty remains over how quickly affected farmers can recover.

Bangladesh’s state-owned Eastern Refinery Limited resumed full operations on Friday morning after remaining closed for 24 days due to a shortage of crude oil. The main plant was officially restarted at 8:25 a.m., and the Bangladesh Petroleum Corporation (BPC) stated that the facility will now refine about 4,000 tons of fuel oil daily.

The refinery had halted production on April 14 when its three main units were shut down because of raw material shortages. A smaller unit had continued limited operations using remaining stock. The disruption followed a ban on shipping through the Strait of Hormuz amid conflict in the Middle East, which cut off Bangladesh’s usual crude supply routes. To address the crisis, the government arranged alternative sea routes to import crude oil.

On Wednesday, a tanker named MT Ninemiya arrived at Kutubdia Channel near Chattogram carrying 100,000 tons of crude oil from Saudi Arabia via an alternate route. After customs clearance, unloading began that night, and refinery units were gradually restarted. The refinery’s management confirmed that maintenance was completed during the shutdown and that full-scale production has now resumed.

The US Court of International Trade has ruled against former President Donald Trump’s recently imposed 10 percent global tariff. The court stated that such a universal tariff was not justified under a trade law from the 1970s. The ruling came on Thursday in favor of small businesses that had filed the case, challenging the tariff that took effect on February 24.

According to the plaintiffs, the new tariff attempted to bypass a previous Supreme Court decision that had struck down Trump’s 2025 tariffs imposed under the International Emergency Economic Powers Act. In his February order, Trump invoked Section 122 of the 1974 Trade Act, which allows temporary tariffs of up to 150 days to address severe trade imbalances or prevent a sharp dollar devaluation.

The court found that the trade deficits cited in Trump’s order did not justify the use of this law, concluding that the measure was not an appropriate response under the statute.

The government of Bangladesh has initiated a process to increase electricity prices at both wholesale and retail levels, with implementation expected in June 2026. Power generation and distribution companies have submitted proposals to the Bangladesh Energy Regulatory Commission (BERC), suggesting a 17–21 percent rise in wholesale tariffs and a 14–18 percent increase for consumers. Public hearings on the proposals will be held on May 20 and 21 at the Krishibid Institute in Dhaka. Distribution companies aim to apply the new rates from early June, pending final approval.

According to the Power Division, the current production cost per unit exceeds 12 taka, while the average selling price is just over 7 taka, resulting in a loss of about 5 taka per unit. Despite subsidies of 38,637 crore taka in fiscal year 2024–25, the sector still incurred a loss of 17,021 crore taka. The government seeks to reduce subsidies by 10,000 to 16,000 crore taka through the price adjustment. Energy experts have criticized the move, blaming past mismanagement and corruption for the sector’s financial crisis.

The Power Development Board also proposed revising consumer slabs to protect low-income users and encourage energy savings among middle-income households.

The United States has reached a concerning milestone as its national debt has exceeded the size of its total economic output. Preliminary estimates released last week show that the country’s debt now stands at 31.26 trillion dollars, slightly higher than its GDP of 31.21 trillion dollars for the twelve months ending in March. This marks the first time since World War II and the COVID-19 pandemic that such an imbalance has occurred.

Economists have warned that the situation could push the US toward a major financial crisis if debt continues to grow faster than the economy. They argue that rising debt will make it increasingly difficult for the government to meet interest payments. Analysts also point to President Trump’s tax cuts and plans for higher military spending as factors that could worsen the fiscal strain.

According to the Congressional Budget Office, US debt could reach 120 percent of GDP by 2036, posing a significant threat to the global dominance of the dollar. The White House, however, maintains that measures are being taken to reduce wasteful spending and control expenditures.

Global oil prices rose sharply on Friday following renewed military tensions between the United States and Iran. In early trading in the US market, crude prices increased by up to 3 percent. The latest international market data showed West Texas Intermediate (WTI) crude climbing 2.58 percent, or 2.45 dollars, to reach 97.26 dollars per barrel.

The price surge came after reports of clashes between US and Iranian forces in the strategic Hormuz Strait on Thursday. Iran accused the United States of violating a ceasefire by attacking two of its ships and later bombing civilian areas along its coast. The incident triggered immediate volatility in the global energy market.

Market analysts warned that continued instability in the Hormuz Strait, a key maritime route for global oil transport, could disrupt energy supplies and push prices even higher if tensions persist.

The government has approved a proposal to construct a 12-storey government office building with three basements in Sher-e-Bangla Nagar, Dhaka, at a cost of Tk 108.70 crore. The approval came at a meeting of the Cabinet Committee on Government Purchase chaired by Finance Minister Amir Khosru Mahmud Chowdhury. The proposal, presented by the Ministry of Housing and Public Works, was one of 11 discussed, with one withdrawn by the Power Division.

According to meeting sources, the project titled “Construction of a 12-storey office building with three basements, internal sanitary, water supply and electrification works in the Sher-e-Bangla Nagar administrative area” will be implemented under package W-02 by the Public Works Department. The project, approved by ECNEC on November 9, 2023, will run from January 1, 2024, to December 31, 2026, funded entirely by the government.

Other approvals included importing 20 million liters of refined soybean oil for low-income families, purchasing vehicles for RAB, buying three LNG cargoes, approving additional costs for Jagannath University’s new campus, and sanctioning new power sub-station projects in Dhaka and Mymensingh.

The government of Bangladesh has approved the import of 20 million liters of refined soybean oil from Indonesia to distribute at subsidized prices among low-income families holding Trading Corporation of Bangladesh (TCB) family cards. The decision, costing over Tk 282.57 crore, was approved at a meeting of the Cabinet Committee on Government Purchase chaired by Finance Minister Amir Khasru Mahmud Chowdhury.

According to meeting sources, the procurement will be conducted through international open tender under the Ministry of Commerce. Of the two participating firms, Indonesia-based PT Trinity Chaya Energy was selected as the only technically and financially qualified bidder. The company will supply the oil at USD 1.151 per liter, totaling USD 23.02 million. Including import, transport, and storage costs, the total cost per liter will be Tk 178.56, about Tk 16.44 lower than the current market price of Tk 195.

Officials said the initiative aims to maintain stable edible oil supply and ease cost pressures on low-income consumers. For the 2025–26 fiscal year, TCB has set a target to procure 230 million liters of edible oil, of which 121.68 million liters have already been secured.