No major fuel crisis despite panic buying pressure, says information minister

Information Minister Zahir Uddin Swapon is confident that Bangladesh will not face any major fuel crisis given the government’s interventions, as motorists resort to frenzied buying amid the Gulf conflict.

On Wednesday, he said there has been no decision “so far” to increase fuel prices.

He acknowledged, however, that panic buying -- driven by public anxiety -- is putting authorities under pressure, and urged journalists to help build awareness to curb the trend.

Swapon presented an account of the first month of Tarique Rahman’s government. 

It was his first formal briefing since taking office.

The minister said the ongoing Iran war has disrupted fuel supplies through the Strait of Hormuz, with impacts spilling into South Asia.

Bangladesh, he said, has already taken necessary steps to manage the situation.

“There has so far been no decision to raise fuel prices in the country. In fact, there remains a significant gap between our prices and those in neighbouring countries.

“A cabinet committee led by the finance minister has been formed, and they have managed the situation efficiently. As a result, we are not facing any crisis at this moment, and we hope we will not have to.”

Highlighting public anxiety, Swapan said widespread reporting -- particularly on social media -- has triggered panic buying.

“This creates pressure on the government,” he said

“In our political and social context, some groups may try to exploit such situations. That is why we believe it is important to build public awareness against this panic-buying mentality through you.”

He said media cooperation could help prevent unnecessary stockpiling.

“If you cooperate, we can avoid this unnecessary rush to buy out of fear. If everything proceeds as planned, we are hopeful no crisis will affect us.”

At the briefing, the Prime Minister’s Information and Broadcasting Advisor Zahed Ur Rahman also urged restraint.

“The media has a responsibility to discourage excessive panic buying and storage. There are indications some are trying to stockpile at the pump level, and the government is looking into it.

“I would like to tell pump owners -- if you are stockpiling in anticipation of a price hike, the prime minister has made it clear that fuel prices are not increasing. So such behaviour will not benefit you.”