State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Tuesday said the oil situation in Bangladesh appears stable amid tension in the Middle East and assured the public that there is no cause for panic.
“The majority of our oil comes from the Middle East,” he said, adding that it is uncertain how the ongoing conflict in the Middle East, particularly between Israel and Palestine, will progress.
He made these remarks while addressing reporters following the opening ceremony of Smart Grid Experience Day at Bidyut Bhaban on Tuesday.
“The entire world is concerned given the centralized sources of oil. However, significant gas reserves are also present in Qatar and Oman,” he said.
"We are taking measures to ensure stability. We are closely monitoring the Middle East situation," he added.
On the topic of fuel oil pricing, he indicated that setting prices based on the international market rests with the Ministry of Finance.
The Ministry of Power, Energy and Mineral Resources has forwarded a pricing formula to the Ministry of Finance, which will deliberate on its implementation, potentially post-election, the state minister added.
During the opening ceremony of Smart Grid Experience Day, Nasrul Hamid emphasized the need for proactive planning, considering past challenges like the Covid-19 pandemic, the Ukraine war and now the Middle East crisis.
He said: "We aim to be better prepared for such crises. The smart grid project plays a role in this endeavour. It promotes integration across our various power-related companies."
"The power sector is expanding. With the introduction of nuclear power and electric vehicles, it is crucial to enhance system integration. The smart grid project is pivotal in ensuring the sector's stability," Nasurl said.
Bangladesh is set to roll out the smart grid roadmap in its second phase, with funding from the United States Trade and Development Agency.
The transmission for this project will be managed by the Power Grid Company of Bangladesh, while distribution responsibilities lie with Dhaka Power Distribution Company.
