The government has approved the import of three cargoes of liquefied natural gas (LNG) from the spot market at more than double the price of previous purchases, amid volatility in global energy markets triggered by the ongoing conflict in the Middle East.
The decision was taken on Wednesday at a meeting of the Cabinet Committee on Government Purchase chaired by Finance Minister Amir Khasru Mahmud Chowdhury. The total cost of the three LNG cargoes has been estimated at Tk 26.55 billion.
According to officials present at the meeting, the proposal was placed by the Energy and Mineral Resources Division outside the scheduled agenda.
The LNG will be procured through the international quotation method from the spot market in accordance with Rule 105(3)(a) of the Public Procurement Rules 2025.
Under the plan, one cargo will be delivered on April 5–6, another on April 9–10 and the third on April 12–13.
One cargo will be imported from the United Kingdom-based TotalEnergies Gas and Power Ltd at a cost of Tk 9.08 billion, with the price set at $21.58 per MMBtu.
In comparison, the government had approved the purchase of one LNG cargo from the same company on December 9 last year at Tk 4.36 billion, when the price was $10.37 per MMBtu—less than half of the current rate.
The remaining two cargoes will be supplied by South Korea’s POSCO International Corporation. Each cargo will cost Tk 8.73 billion, with the price fixed at $20.76 per MMBtu.
Officials said the price is also more than double compared with LNG purchased from the same supplier in December last year.
The higher cost reflects the sharp volatility in global energy markets, as geopolitical tensions and supply uncertainties continue to influence fuel prices worldwide.
Last week, the Petrobangla has received approval from the cabinet committee to procure one LNG cargo from Gunvor Group at $28.28 per MMBtu and another from Vitol at $23.08 per MMBtu.