Bangladesh Gas Prices Skyrocket to Nearly $30 per MMBtu Amid Crisis

Bangladesh is paying nearly $30 per million British thermal units (MMBtu) for liquefied natural gas from the spot market, almost three times what it typically paid before the US-Israel conflict in the Middle East.

The Cabinet Committee on Government Purchase approved two LNG cargoes at higher prices: one from Singapore-based Vitol Asia at $29.795 per MMBtu and another from UK’s TotalEnergies Gas & Power Ltd at $28.95.

These latest purchases mark a significant increase in Bangladesh's LNG import costs, which have more than doubled from $10-$12 per MMBtu before the conflict.

The surge in LNG prices comes as Bangladesh tries to make up for supplies disrupted by the Middle East war and the suspension of long-term deliveries from Qatar, the largest LNG supplier to Bangladesh.