Iran war disruptions spark higher costs and lost income in Bangladesh
Summary
The war in Iran has caused fuel shortages and higher prices in Bangladesh, affecting people’s daily lives and businesses. Many, like ride-share driver Tariqul Islam, are struggling to earn enough money due to long waits for fuel and rising costs, which is also slowing the country’s economic growth.Key Facts
- Bangladesh depends heavily on imported fuel, much of which passes through the Strait of Hormuz, a key route affected by the war in Iran.
- Fuel shortages in Bangladesh have caused long lines at petrol stations and reduced income for workers like Tariqul Islam, who uses his motorbike for ride-sharing.
- The energy crisis has disrupted daily life, slowed factory production, and raised operating costs for many businesses.
- The Asian Development Bank lowered its growth forecast for developing Asia and the Pacific to 4.7% for 2026 and expects inflation to rise to 5.2% because of higher oil prices.
- The Bangladesh government recently increased fuel supplies, which helped reduce waiting times, but concerns remain about ongoing fuel shortages.
- Rising energy prices are expected to increase Bangladesh’s government spending on liquefied natural gas (LNG) by about $1.07 billion.
- Many people fear that if the war continues, they may have to leave cities to find other sources of income.
- Similar energy issues are affecting countries across Asia that rely on imported oil and gas.
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