Fuel crisis: No need for panic, but initiative

Even though the country has adequate fuel reserves, there is no time to dispel the anxiety and concern that has been created among consumers over the past few days, especially regarding the supply of diesel, petrol and octane.

Sales increased for several days due to fears of a possible fuel shortage and price increase in various parts of the country due to the ongoing war in the Middle East.

As reported, the war between the United States and Israel is wreaking havoc on the global market.

With the Strait Hormuz facing disruption, the ripple effects are being felt far beyond the Middle East since this narrow passage carries a third of the world’s liquefied natural gas and significant share of its crude oil.

Countries heavily dependent on imported energy are particularly vulnerable and Bangladesh is no exception.

Many pumps in the capital are being surrounded by queues of one to one and a half kilometers and waiting times of two to three hours.

However, the Bangladesh Petroleum Corporation (BPC) said that an artificial crisis has been created due to panic buying of excess oil and hoarding of it in the greed for huge profits.

The BPC believes that rumors also play a role behind this panic. But the question is, how did this rumor originate? Why did the BPC allow it to exist?

Already a ship has been unloading oil at Chittagong port for the past two days, and two more ships arrived yesterday (Monday).

But why was this information not provided before it spread panic among the public? Not only that; usually, oil supply from depots is closed on Fridays and Saturdays, which are public holidays. As a result, the oil stocks at the pumps are lower than on other days.

Mentionable, the Boro season, the country’s largest rice season, has already begun. At this time electricity and fuel consumption is at its peak.

Thus efforts to procure fuel outside regular sources will have to be intensified.

Accordingly, there is no alternative to implementing the government’s plan to procure oil from Brunei, Malaysia, and Indonesia at any cost to ensure the arrival of 13 out of 15 cargoes in April and avoid a crisis.

Effective steps will have to be taken to improve the management of BPC and stop oil hoarding and smuggling.

No one can say for sure how long the Iran war will last. So, it would be wise to secure a long-term supply of fuel, especially as the climate continues to heat up.