[🇧🇩] Energy Security of Bangladesh

[Saif]

Bangladesh’s energy policy raises more questions than answers

The recent announcement to build a new coal-fired power plant to generate cheaper electricity than oil-fired peaking plants further highlights the lack of policy coherence.

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Bangladesh’s energy policy raises more questions than answers

The sudden shift to competitive bidding and the suspension of more than 30 renewable energy projects have cost developers dearly. FILE VISUAL: ALIZA RAHMAN

The government's approval of a new renewable energy policy, which sets higher targets of 20 percent and 30 percent electricity generation from renewables by 2030 and 2041 respectively, is a welcome step towards advancing the energy transition. However, despite these enhanced commitments, a lack of support mechanisms and persistent policy inconsistencies continue to hinder progress in the renewable energy sector.

While the national budget for fiscal year (FY) 2025–26, unveiled on June 2, articulates an ambitious vision of building a society based on "three zeroes"—zero poverty, zero unemployment, and zero net carbon emissions—it fails to offer incentives for the private sector to scale up renewable energy deployment.

In parallel, the government has made sweeping changes to the energy and power sectors. It repealed the Quick Enhancement of Electricity and Energy Supply Act (QEEESA) 2010, which previously allowed unsolicited project proposals without competitive bidding. It has also suspended renewable energy projects that had received Letters of Intent (LOIs) under QEEESA before August 2024. Additionally, the government floated four tender packages for renewable energy projects totalling over 5,000 megawatts (MW) in capacity but removed the payment guarantee clause. Such abrupt policy shifts raise serious concerns for investors.

The recent announcement to build a new coal-fired power plant to generate cheaper electricity than oil-fired peaking plants further highlights the lack of policy coherence. A baseload coal plant is unlikely to reduce the share of oil-fired generation and may instead exacerbate the sector's overcapacity, especially amid sluggish power demand growth.

Proposed budget fails to incentivise renewable energy

While solar power can reduce reliance on expensive oil-based generation, the proposed FY2025–26 budget does not include any incentives to promote solar or other renewable technologies. It also excludes the Tk 100 crore ($8.2 million) in renewable energy funding that was allocated in the previous year's budget. This disconnect between the government's stated ambitions and actual fiscal measures undermines momentum in the renewable energy space.

Abrupt policy changes dent investor confidence

The sudden shift to competitive bidding and the suspension of more than 30 renewable energy projects have cost developers dearly, as many had already invested substantial time and resources in land acquisition.

Furthermore, the exclusion of an "implementation agreement clause"—a provision akin to a payment guarantee—from the tender documents has negatively affected project bankability. Developers may now struggle to secure debt financing. The issue is already visible: Bangladesh failed to attract bidders for the first tender package of 12 projects totalling 453 MW, leading the government to extend the submission deadline six times.

Although 20 local companies ultimately submitted proposals, no foreign firms participated. This lack of foreign interest signals serious challenges for Bangladesh in achieving its 6,145 MW renewable energy target by 2030. Reaching this goal would require annual capacity additions of around 750 MW between July 2025 and December 2030. With the country's current renewable energy capacity at 1,562 MW—and only 400 MW of utility-scale projects under construction—domestic capital alone will not suffice. Foreign investment, along with support from multilateral and bilateral development partners, will be critical.

In June 2021, Bangladesh scrapped 10 coal-fired power projects due to concerns over excess capacity and the growing difficulty of securing funding, especially from institutions focused on environmental, social, and governance (ESG) criteria. The move was also presented as part of the country's enhanced greenhouse gas (GHG) mitigation efforts, raising hopes for an accelerated renewable energy transition.

Fast forward to June 2025: the current government is now reconsidering one of the scrapped plants and plans to build a 1,200 MW coal-fired power plant in Matarbari, next to an existing plant. Although the rationale is to generate cheaper electricity compared to oil-based generation, this logic appears short-sighted.

Bangladesh's peak electricity demand declined by around 1.1 percent in 2025 compared to 2024—falling from 17,200 MW to 16,999 MW. With more than 7,000 MW of baseload capacity already under construction, adding another coal plant will only worsen the country's reserve margin, which currently stands at around 61 percent. This surplus will further strain the power sector's finances as capacity payment obligations rise in the absence of sufficient demand.

The decision also contradicts the GHG mitigation pledge made in 2021 and risks damaging Bangladesh's credibility in the eyes of investors and development partners.

As the government finalises the FY2025–26 budget, it should reconsider introducing a dedicated renewable energy fund and reinstating the Tk 100 crore allocation. It should also waive import duties on components used in rooftop solar systems.

Achieving Bangladesh's renewable energy targets will require not only sustained fiscal support but also a stable and predictable policy environment. Avoiding abrupt policy reversals is essential to attract long-term domestic and foreign investment.

Shafiqul Alam is lead energy analyst for Bangladesh at Institute for Energy Economics and Financial Analysis (IEEFA).​

 

[Saif]

Govt releases big sum to pay off private power plant dues

A clean chit up to April on huge leftover arrears cost Tk 600 billion as the interim government doubled the state subsidy to pay off the overdue bills to private-sector power producers, officials said. In order to clear all the much-talked-about capacity charges and electricity bills, the governme

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Govt releases big sum to pay off private power plant dues
Clean chit claims Tk620b in state subsidy in revised budget

FHM Humayan Kabir
Published :
Jun 21, 2025 10:07
Updated :
Jun 21, 2025 10:07

A clean chit up to April on huge leftover arrears cost Tk 600 billion as the interim government doubled the state subsidy to pay off the overdue bills to private-sector power producers, officials said.

In order to clear all the much-talked-about capacity charges and electricity bills, the government already jacked up the power-sector subsidy to Tk 620 billion from Tk 360-billion allocations in the original budget for the outgoing fiscal year (FY) 2024-25, they said Friday.

"We have so far released nearly Tk600 billion worth of funds as power subsidy to pay the arrears to the private-sector rental and independent power producers (IPPs)," says a Ministry of Finance (MoF) official.

"After getting bill of the remaining two months of the current fiscal year (FY) 2024-25, we will provide the remaining arrears shortly," he adds about the contingencies aimed at averting any major power breakdowns.

As a matter of set practice, after getting power-supply and other bills from the Bangladesh Power Development Board (BPDB), the MoF usually scrutinises those and then releases the necessary funds.

A hefty sum of subsidy in the revised budget has given a big respite to Bangladesh government as it has already paid a good amount of overdue bills to the private power producers, officials said.

All 133 private and public-sector power stations across Bangladesh have a combined generation capacity of nearly 20,697 megawatts a day. Out of the total, 78 private-sector power plants has a production capacity of nearly 8,778mws a day.

Besides, BPDB imports 1,160mw power from India where Adani power station from Jharkhand alone supplies nearly 750 megawatts a day.

Finance ministry and power division officials said the government would be paying all the arrears and dues to the IPPs and rental power plants gradually by next FY2026.

The interim administration of Prof Muhammad Yunus has decided to repay off the outstanding capacity charges, power-purchase bills and other liabilities to the local and foreign IPPs and rental electricity producers.

Among the producers are Indian Adani Power, Bangladesh-China Power Company Plant (Payra power plant), Meghnaghat 450mw Power Ltd, 210mw Rural Power Co Ltd, 335mw Summit-Meghnaghat Power Ltd and 414mw Sembcorp NWPC Ltd, 145mw Aggreko International Projects, United Power and Doreen Power.

The bills of the rental power plants and IPPs are paid from BPDB's income and the subsidies provided by the MoF.

However, the bills for imported electricity from Adani and other Indian power plants are paid from BPDB's own income.

About the massive Tk620-billion allocation for the power subsidy in the current revised budget, the MoF official says: "We are paying the arrears every month to the private power-plant owners. But the arrears are comparatively higher than our monthly payments. So, we will allocate a higher amount of money in the revised national budget for the current FY2025."

From the next FY, power division would slash the subsidy on power sector drastically and try to ensure loss-free supply within next few years, says the official.

The government in the newly placed national budget has proposed a Tk 370-billion fund as power subsidy for the upcoming FY2026.

Bangladesh purchases power at higher rates from the costly IPPs and the rental-power producers and sells to the consumers at lower rates by way of subsidizing the distribution.

Another MoF official says Bangladesh wants to be a liability-free country to the IPPs and private-sector power plants from the next fiscal year as it has agreed with the International Monetary Fund (IMF) for getting its financial support.

In the last FY2024 revised budget, the government allocated Tk 394.06 billion in subsidy for the power sector.

Data from MoF, BPDB and a non-government research organisation show a total of Tk 783.7 billion had been paid as capacity charges since 2018-19 till 2022-23.

Some Tk 62.41 billion was paid in FY2019, Tk 89.29 billion in 2020, Tk 132 billion in 2021, Tk 240 billion in 2022 and Tk 260 billion paid in FY2023 as capacity charges for private-and rental-power plants.

Such huge capacity payments to IPPs and rentals have become a big burden for the government while struggling with emaciated foreign-exchange reserves and rising external debts.

Banks can ill afford to provide dollars for repayment of dues of the foreign companies in the power and energy sector. The country had forex reserves worth over US$48.0 billion two years back, which depleted to $22 billion in recent days.

Usually, the state-run power board sells electricity to consumers at rates lower than it purchases from the IPPs and the gap needs to be made up with state subsidies.

Most of the IPPs and rental-power plants are HFO- or diesel-based ones which is costly for generating electricity.

The BPDB purchases the electricity from the private-sector plants at costs that vary from Tk 14 to Tk 26 per kilowatt hour (kwh) for feeding into the national grid.

On the other hand, the average retail price of electricity the consumers pay is some Tk 8.95 per unit and the average bulk electricity tariff is Tk 7.04 per unit.​

 

[Saif]

Power outage hits parts of Dhaka due to Rampura substation malfunction

A major power outage affected several areas of Dhaka on Sunday night following a mechanical failure at the Rampura substation, causing widespread inconvenience to residents, according to local media. Md Shamim Hasan, Director of the Public Relations Department of the Bangladesh Power Development B

thefinancialexpress.com.bd

Power outage hits parts of Dhaka due to Rampura substation malfunction

FE ONLINE DESK
Published :
Jun 22, 2025 23:26
Updated :
Jun 22, 2025 23:26

A major power outage affected several areas of Dhaka on Sunday night following a mechanical failure at the Rampura substation, causing widespread inconvenience to residents, according to local media.

Md Shamim Hasan, Director of the Public Relations Department of the Bangladesh Power Development Board (BPDB), confirmed the matter to Jago News. He said the disruption occurred at around 9:30 PM due to a technical fault in the 230/132 KV grid line connected to the national grid via Rampura substation. Repair work is underway, and normal supply is expected to resume between midnight and 12:30 AM.

Due to the sudden malfunction, electricity supply was cut off in areas including Banani and Moghbazar for several hours. Later in the night, around 10:30 PM, parts of Azimpur and New Market also experienced blackouts.​

 

[Saif]

Diversifying energy sources, export markets

Though price of oil in the global market has not so far gone through the roof since Israel's June 13 attack on Iran followed by the latter's retaliatory missile and drone strikes, there is no guarantee that it will remain so in the coming days. It's already unstable. Overall, the price of cru

thefinancialexpress.com.bd

Diversifying energy sources, export markets

SYED FATTAHUL ALIM
Published :
Jun 23, 2025 01:13
Updated :
Jun 23, 2025 01:13

Though price of oil in the global market has not so far gone through the roof since Israel's June 13 attack on Iran followed by the latter's retaliatory missile and drone strikes, there is no guarantee that it will remain so in the coming days. It's already unstable. Overall, the price of crude oil rose by 4.0 per cent over the week. But in case, the conflict spirals out of control and Iran blocks the Strait of Hormuz, it is hard to say where it would finally end up. If the US enters the scene and starts a bombing campaign on Iran to what it says destroy Iran's nuclear facilities and Iran blocks the Strait of Hormuz in retaliation, the oil price may even shoot up to US$150 a barrel, some experts fear. In that case, countries that depend completely on imported energy including oil and Liquefied Natural Gas (LNG) are going to be at the receiving end. Definitely, Bangladesh with its economy trying hard to recover from the ashes it had been reduced to during the long period of autocracy till August last year, will find it real hard to stand on its feet again. In this connection, the Power, Energy and Mineral Resources Adviser Muhammad Fouzul Kabir told the media some days back, when the tension in the region was escalating, that though Bangladesh was in a vulnerable position as its energy security is dependent on imports, there is no question that the country would be 'in trouble'. However, he still believed that the situation (relating to Iran-Israel conflict) would not go out of control. Even if the price of oil increases by Tk 18 to Tk 20 per litre, the economy would be able to 'absorb the shock', he assured. Clearly, the reason for his relative calm about the country's energy security in the face of any flare-up between the two arch enemies in the Middle East is that Bangladesh earlier in May purchased oil for consumption in the June-July period.

However, the latest developments in the Middle East, to all appearances, show no reason to be complacent. The ongoing strikes and counterstrikes on each other's strategic infrastructures point to something more sinister in the making than one would like to believe. For the US and its Western allies are solidly behind Israel and they would protect Israel at all costs. Here lies the crux of the matter. This is a do or die situation. The oil rich Gulf Arab States lie at the epicentre of the conflict and are the prime target of either party in the war. If oil and natural gas infrastructures of the Gulf region are attacked by either party, energy supply in the entire world will be disrupted for an indefinite period. How does Bangladesh, an energy-starved nation, hope to survive for long in such a situation? Smooth and dependable supply of fossil energy is still the backbone of the world economy. The six months' oil deal from July to December that Bangladesh has reached with its suppliers in the Gulf, is not enough to protect us indefinitely. To be frank, given the volatile political situation in the oil producing region of the Middle East, which is not improving but worsening by the day, Bangladesh's dependence on this region for its energy supply in the long term cannot be a viable option. Had the leadership of the country been forward-looking, the country would meanwhile have developed its alternative sources of energy long since. The 'If-not' approach to energy issue when its source of supply is the Gulf countries, or the diplomatic language that 'we would be monitoring the market' situation' is no sustainable positions to make when it is a question of survival of the economy. It is also not purely about energy supply. We have to be mindful also of the fact that a major source of the country's hard currency in the form of remittance comes from the migrant workers, who are basically unskilled, staying in the Muddle East. If the entire Gulf region is embroiled in a protracted conflict, the migrant workers will become the first victim of the development. Hundreds of thousands of migrant workers would then return home. That would create an added burden on the economy until an alternative destination for their employment is found. As it is with the mainstay of the country's export, the other major source of foreign exchange, which is dependent on a single type of commodity, the apparel products, so is it with the energy source. It's a one-road to the nation's energy security and foreign exchange earning. Experts including Professor Mustafizur Rahman, a distinguished fellow of a local think tank, the Centre for Policy Dialogue (CPD), held that oil price surge in the global market would leave a very negative impact on the trade balance and current account balance in the eventuality of a sustained after-effect of the energy price escalation. The shipping routes for trade of energy and other vital commodities in the Persian Gulf, the Gulf of Aden, the Red Sea and the Mediterranean Sea if severely disrupted, costs of import and export would escalate. Bangladesh is a nation heavily dependent on import of its energy, industrial raw materials and food. The country's export, too, depends on the undisturbed shipping routes through the international waters. But Bangladesh with its present level of forex reserves can hardly foot the bill for about four months' import. That means, it cannot sustain for long once import costs of its vital supplies rocket up and remain so indefinitely. However, economies with sound reserves or developed industrial base can sustain longer in that situation. Obviously, Bangladesh does not fall in that category.

The maritime routes, especially in the Red Sea, the Gulf of Aden and the Mediterranean have been facing uncertainties since the Houthi rebels of Yemen started their attacks on merchant or military vessels friendly to Israel since October 2023. But politicians in power then and now have remained clueless or too engaged otherwise to prepare the nation for such an emergency. In fact, no excuse is enough to justify the failures to take early steps to meet such existential emergencies.

The interim government should look for alternative sources of oil and LNG in other parts of the world, preferably in the East, that are not as dicey as the Middle East. Such steps are also required for its exports and markets for migrant workers.​

 

[Saif]

RAMPAL POWER PLANT: HC questions Indians’ hefty salary, bonus

The High Court on Monday issued a rule asking the government to explain in four weeks why the continued dominance of foreign employees at the Bangladesh-India Friendship Power Company Ltd, widely known as Rampal Power Plant, and the discriminatory pay structure between...

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RAMPAL POWER PLANT: HC questions Indians’ hefty salary, bonus
M Moneruzzaman 23 June, 2025, 23:46

The High Court on Monday issued a rule asking the government to explain in four weeks why the continued dominance of foreign employees at the Bangladesh-India Friendship Power Company Ltd, widely known as Rampal Power Plant, and the discriminatory pay structure between Indian and Bangladeshi employees should not be declared illegal.

The bench of Justice Md Akram Hossain Chowdhury and Justice Foyej Ahmed issued the rule after hearing a public interest writ petition filed by Supreme Court lawyer Md Salequzzaman Sagor.

The court questioned why the BIFPCL had failed to reduce the number of foreign employees, mostly seconded from India’s National Thermal Power Company Ltd, to 10 as required by its Human Resources Policy 2018.

The secretary to the Ministry of Power, Energy and Mineral Resources, Bangladesh Power Development Board’s chair, and Bangladesh-India Friendship Power Company’s chair, among other respondents, were asked to reply to the rule in four weeks.

Currently, 51 Indian employees are reportedly working at the plant while the number should have been cut to 10 in 2024.

According to the writ petition, each Indian official receives approximately $4,500 extra in foreign currency per month in addition to high salaries and other benefits, but local employees are paid significantly lower amounts.

This disparity not only drains Bangladesh’s foreign reserves but also violates principles of fair employment, the petition argued.

The court also asked the authorities to explain why all key managerial and supervisory posts – including those of general manager, assistant general manager, chief financial officer, and project director – continued to be held by seconded Indian officials from the NTPC, sidelining qualified Bangladeshi recruits.

Petitioner Sagor, who moved the petition in person, said that the BIFPCL employed over 230 local professionals, including graduates from the Bangladesh University of Engineering and Technology, who were routinely denied opportunities for promotion and were subjected to discrimination.

He also claimed that most procurements were carried out through Indian vendors, despite the availability of suitable products on the local market, further putting pressure on Bangladesh’s foreign exchange reserves.

The lawyer submitted documents showing that the NTPC employees received additional bonuses and benefits not available to the Bangladeshi staff.

He urged the court to order an investigation into the matter and take legal action if any violation of the country’s laws was found.

He further alleged that local employees faced humiliation and religious discrimination in some cases, particularly under the previous administration, and called for the protection of the rights of the Bangladeshi employees working at the plant.

The petitioner, referring to newspaper reports, said that the Indian nationals working at the company were drawing an average monthly salary of more than Tk 10 lakh each, as revealed by a financial review under the Bangladesh Power Development Board.

An equally owned joint venture of the governments of India and Bangladesh, the BIFPC has 51 Indian nationals to run the 1,320MW coal-based power plant situated at Rampal in Bagerhat.

The Indian nationals working at the power plant came on deputation from their original employer NTPC Limited, an Indian public sector entity, said BPDB officials.

A comparison with another power generation joint venture revealed that the Indian nationals employed at the Rampal plant earned three times more than what their peers received, with some Indian nationals’ monthly salary being close to Tk 20 lakh.

On an occasion, a BPDB assessment showed, an Indian employee of the power plant drew Tk 47 lakh in one month, thanks to a bonus and other benefits, while most of his fellow nationals earned between Tk 20 lakh and Tk 30 lakh in that month.

The BPDB’s finance wing reviewed the Indian nationals’ payments in October last year, three months after a student-led uprising toppled the past Awami League regime.

Discontent was widespread against the past AL government for allowing India to exploit Bangladesh in trade and bilateral relations.

A review of the list of 306 people working at the BIFPC revealed that 32 of the top 40 positions are occupied by Indians.

Starting with the position of managing director, the position of project director, all nine positions of general manager, all 18 positions of assistant general manager, and 20 out of the 34 deputy general manager positions are held by Indian nationals.​

 

[Saif]

BD to require around US$1 bn annually until 2030 to renewable energy target

Bangladesh will require between US$933 million and US$980 million annually until 2030 to meet the new target under Renewable Energy Policy, a new report by the Institute of Energy Economics and Financial Analysis (IEEFA) revealed Wednesday. During the post-2030, the country will need between US$1.

thefinancialexpress.com.bd

BD to require around US$1 bn annually until 2030 to renewable energy target

FE ONLINE REPORT
Published :
Jun 25, 2025 20:22
Updated :
Jun 25, 2025 20:22

Bangladesh will require between US$933 million and US$980 million annually until 2030 to meet the new target under Renewable Energy Policy, a new report by the Institute of Energy Economics and Financial Analysis (IEEFA) revealed Wednesday.

During the post-2030, the country will need between US$1.37 billion and US$1.46 billion annually until 2040, the IEEFA report finds.

IEEFA is a global team of energy finance analysts, communications experts, and management professionals, based in Asia, Australia, Europe, North America, and South Asia.

Bangladesh government has set targets for generating 20 per cent and 30 per cent of electricity from renewable energy sources by 2030 and 2040, respectively, under the country’s new Renewable Energy Policy.

“Public finance alone is unlikely to meet these funding requirements, necessitating large-scale private investment,” says the report’s co-author, Shafiqul Alam, IEEFA’s lead energy analyst for Bangladesh.

However, abrupt policy changes, off-taker risk, technology and performance risk, weak project pipelines, a cumbersome loan disbursal process, land acquisition challenges, currency volatility, and lower sovereign rating limit private sector investment in the sector, the report noted.

By engaging with Multilateral Development Banks, international climate finance institutions and bilateral development financial institutions, the government can consider establishing a currency hedging fund to mitigate currency risk.

The current government has suspended 31 utility-scale renewable energy projects that received Letters of Intent through the non-competitive bidding process under the previous government. This sudden shift to competitive bidding and the resulting contractual uncertainties have left investors feeling disconcerted.

The report highlights that Bangladesh should ensure regulatory stability, restore investor guarantees, map and allocate land for projects, and build capacity in both the banking and service provider ecosystems to attract investment.

The report underscores the importance of reinstating the “project implementation clause” to dispel uncertainties over payment or establish a funding mechanism to provide revenue assurance to renewable energy producers, mitigating counterparty risks.

“Land acquisition challenges can be mitigated through the public-private partnership model, which can help mobilise investment in renewable energy projects through special economic zones,” the report suggests.

“In the case of small-scale renewable energy projects, their accelerated deployment will depend on addressing the high import duty on critical components, performance issues and perceived risks. Easing lending norms for green funds can also help scale up such projects,” says Labanya Prakash Jena, Sustainable Finance Consultant, IEEFA.

The report acknowledges the government’s positive move in reducing the customs duty on imported solar inverters and calls on the government to reduce the import duty on components of small-scale solar projects, such as solar panels, FRP walkway, mounting structure and DC cable.

It emphasises the importance of adopting a pre-finance modality of the Central Bank’s green funds to minimise delays and simplify disbursement.

Bangladesh’s low sovereign credit ratings also deter foreign investors. “Moody’s downgraded Bangladesh’s credit rating to B2 in November 2024 from B1 earlier, based on the country’s lower-than-expected economic growth in the near term, political challenges and banking sector risks. This has further deteriorated the country’s credit profile in the international financial market, making borrowing expensive,” notes Jena.

“The government, international organisations, financial institutions, private investors, and renewable energy companies should collaborate to create a conducive environment that fosters innovation, investment, and sustainable growth,” the report emphasises.​

 

[Saif]

Govt to import refined oils for July-Dec for Tk 10,006 crore

The advisory council commitee on government purchase in a meeting on Wednesday approved procurement of refined petroleum fuel oil from six countries at a cost of Tk 10,006.63 crore...

www.newagebd.net

Govt to import refined oils for July-Dec for Tk 10,006 crore
Staff Correspondent 25 June, 2025, 22:36

This representational image shows a cargo ship carrying liquefied natural gas. | BSS photo

The advisory council commitee on government purchase in a meeting on Wednesday approved procurement of refined petroleum fuel oil from six countries at a cost of Tk 10,006.63 crore.

The fuel from Thai Land, the United Arab Emirates, Indonesia, Malaysia, China and India will be consumed for the period of July-December of the current calendar year.

Additionally, the committee also approved importing 25,000 tonnes of octane to be supplied by PT Bumi Siak Pukako Zapin of Indonesia at Tk 208.63 crore and one cargo Liquefied Natural Gas to be supplied by Vitol Asia Pte Ltd of Singapore at Tk 269.029 crore.

Approvals were also given to import 1.05 lakh tonnes of chemical fertilizers -- muriate of potash, triple superphosphateIt and di ammonium phosphate — Canada, Tunesia and Morocco at 649.75 crore.

Besides, 50,000 tonnes of wheat will be importedfrom UAE following approval of a proposal involving Tk 168.82 crore.

Finance adviser who presided over the meeting expressed relief following the ceasefire to 12-day long berserk between Israel and Iran.

A widespread apprehension of closure of the Strait of Hormuz has been thwarted, he said, adding that the price of fuel oils did not increase heavily.

Despite a slight rise in global oil prices amid the tension over the war in Iran and Israel, energy affairs adviser Muhammad Fouzul Kabir Khan on Tuesday said they had no plan to raise fuel prices in the domestic market.

Although prices have risen slightly on the global market, fuel prices at home will remain unchanged. Adjustments will be made using BPC’s profits, added the adviser.​