Bangladesh Faces Soaring LNG Prices Amid Global Market Squeeze

Bangladesh's struggle to secure liquefied natural gas (LNG) supplies has led to a sharp increase in prices, with the country agreeing to pay over $24 per million British thermal units (MMBtu) for two cargoes in September.

The Cabinet Committee on Government Purchase approved one cargo from Posco International Corporation at $24.625 per MMBtu for delivery on September 13-14 and another from TotalEnergies Gas & Power Ltd, UK, at $24.25 per MMBtu for September 23-24.

These prices are more than double the $10-$12/MMBtu that Bangladesh typically paid for spot LNG before the war began in late February this year.