Comprehensive and multifaceted energy strategy urgently needed

THE cost of importing fuel oil into the country has doubled over the past year.

According to Bangladesh Bank data, fuel oil prices in the international market have risen abnormally due to various factors, including instability in the Strait of Hormuz following US-Israeli attacks on Iran.

For this reason, our expenditure on the import of petroleum products in the 2025-26 fiscal year amounted to approximately $10.64 billion.

In contrast, the expenditure in the preceding fiscal year (2024-25) was less than $5.14 billion.

Thus, the cost of importing fuel oil increased by $5.5 billion, or 107 percent, within a single year.

The government has also stated that the war has triggered a global fuel crisis, which has impacted the supply of gas and LNG.

Consequently, gas shortages have emerged in various parts of the country, and in some areas, industrial operations are being disrupted due to the lack of gas.

Queues of various types of vehicles are growing at petrol and CNG filling stations.

Load-shedding has also intensified not only in rural areas but even in the capital, Dhaka.

Despite having the capacity for power generation, the overall fuel situation is currently precarious due to an inability to purchase fuel, caused by a lack of funds, or disruptions in international supplies.

We can learn from Europe’s experience. To tackle the energy crisis, they focused heavily on energy conservation while also prioritizing fuel imports from alternative sources.

In this modern era, the demand for energy has become so essential that it now ranks among the fundamental rights of the people.

Moreover, it is a sensitive issue capable of turning public opinion against the government at any moment.

To tackle this crisis, it is necessary to move forward with both short-term and long-term plans rather than treating the matter with neglect.

In reality, the demands and expectations of both the business community and ordinary citizens regarding this matter have been repeatedly ignored.

We must first prioritize the exploration and extraction of natural gas.

This is because the country’s industrial and power sectors remain heavily dependent on gas.

It is essential to prioritize the exploration of gas and other energy resources, particularly in the deep-sea areas of the Bay of Bengal.

Alongside this, rooftop solar power could be considered in this regard.

Onshore and offshore wind power projects could also be undertaken to expand wind energy in Bangladesh’s coastal regions.

In short, ensuring future energy security requires not only increased research and the creation of a dedicated fund but also the development of a planned, integrated, and diversified energy system.