The ongoing conflict between the US-Israel and Iran in the Gulf region has triggered panic buying in Bangladesh, as car owners and drivers waited for hours in long queues on Sunday to collect fuel for their vehicles, according to several reports.FOLLOW LIVE UPDATES

Several people waited overnight in many fuel stations in Dhaka to get fuel under a government rationing system that allowed vehicles to collect a limited amount of fuel, according toThe Associated Press.Several petrol pumps ran out of fuel, triggering anger among people.

The conflict in West Asia triggered a disruption in global energy flows and caused a spike in oil prices. Shortly after the US-Israeli strikes on Iran on February 28, the Revolutionary Guards said they would take control of the Strait of Hormuz, which supplies one-fifth of all oil transported by sea worldwide.

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Bangladesh imports roughly 95% of its fuel oil and 70% of its gas, predominantly from the Middle East. Authorities say five of the country’s six fertiliser factories have been closed until March 18 because of the gas crisis.

This has sparked concerns over a broader fuel crisis for the country, which just elected a new government last month. As a result of the war, demand for fuel increased dramatically, and panic buying has started in several parts of Bangladesh.

For Dhaka’s new government, the stakes are high as ongoing tensions in the Gulf have threatened to further push up global energy prices, threatening a surge in the import bill and further strain on foreign exchange reserves. The disrupted supply has also threatened the world’s second-largest garment factory in Bangladesh.

According toProthom Alo, several petrol pumps ran out of fuel, triggering anger among the public. “They told us that fuel cannot be given before 2 pm. Yet right now, they are giving fuel to government vehicles. But they didn’t give it to us, the ordinary citizens. Are we tenants in this country?" a driver was quoted as saying.

Could The War Affect Remittances?

Meanwhile, Ariful Haque Chowdhury, Bangladesh’s Minister of Expatriates Welfare and Overseas Employment, raised concerns that the war could affect remittances coming into Bangladesh.

Source: World News in news18.com, World Latest News, World News