Despite Iran war and closure of Strait of Hormuz, nothing to fear for now: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir stated that Bangladesh currently has no reason to worry about fuel supplies or daily essentials, even though the Strait of Hormuz remains closed amid the ongoing conflict involving Iran.

He made these remarks while speaking to journalists at the Secretariat on Monday, following a courtesy meeting with Indian High Commissioner Pranay Verma.

The minister emphasised that at this moment, there is no cause for concern regarding fuel and essential commodities, adding that the government will continue to monitor the evolving situation.

He noted that if the conflict resolves within the next two to four days, Bangladesh would face no significant issues in this regard.

Explaining the potential implications, he pointed out that a prolonged closure of the Strait of Hormuz would force ships to reroute around the Cape of Good Hope at the southern tip of Africa.

This longer journey would raise shipping costs substantially, ultimately impacting the prices of various imported goods. However, he clarified that Bangladesh is not yet facing such a scenario.