Conflict Pushes LNG Prices to Record Highs in Pakistan and Bangladesh
The ongoing US-Iran conflict is disrupting liquefied natural gas (LNG) supplies to Pakistan and Bangladesh, causing both countries to pay record-high prices for fuel.
According to a Bloomberg report, Pakistan's state-owned company Pakistan LNG Ltd bought an LNG cargo earlier this week for $21.88 per million British thermal units (MMBtu), the highest price paid since 2022.
The increased cost of fuel is expected to put more pressure on both countries' economies, which already depend heavily on imported oil and gas.
The Hormuz Strait, one of the world's most important sea routes for oil and gas, remains disrupted due to the conflict, limiting global energy supplies and pushing up prices. Qatar's earlier supply cut had already reduced LNG availability in the market.