Bangladesh says it will not hike fuel oil prices for now even as the Middle East conflict disrupts global supply and drives up prices.

“There is no [supply] crisis in the country,” State Minister for Power, Energy, and Mineral Resources Anindya Islam Amit told the media today (March 10) at the Secretariat in Dhaka.

He hoped that the current concerns and anxiety over fuel supply will ease soon.

The government is working with African countries and the United States to explore alternative sources of fuel supply, he added.

Amit said the government is monitoring the activities of syndicates. Authorities have also imposed measures to curb irregularities in the fuel market.

The state minister also said the government has decided to supply five litres of fuel daily to ride-sharing drivers starting today to support their operations.

The Iran war was triggered by US and Israeli attacks on the country on February 28. Tehran has closed the Strait of Hormuz, a narrow shipping lane in the Gulf, through which around 20% of global oil and gas pass. The move has sent shockwaves through the global energy market.

Bangladesh Petroleum Corporation (BPC) said ​imports were continuing ⁠normally and that buffer stocks should stabilise soon and ​urged consumers not to hoard.

The country has secured two spot LNG cargoes ​for March, but officials say that prolonged disruption could force Bangladesh to lean heavily on the volatile spot ​market, which would add to its import bill, according to Reuters.

Universities across Bangladesh also closed from March 9 for the Eid-ul-Fitr holidays as part of emergency measures to conserve electricity and fuel amid a worsening energy crisis triggered by the Middle East conflict.