Sector insiders say the government has offered various incentives to encourage higher imports, including easing the opening of letters of credit (LCs). Import approvals were also granted as per demand, and BERC adjusted prices to account for higher shipping costs.

Despite this, not all companies were able to import LPG. Some failed to open LCs, while others, despite being willing to import at higher prices, were unable to source LPG from the global spot market.

At the same time, volatility in Middle Eastern markets has complicated procurement, forcing traders to look for alternative sources.

Abu Sayed Raza, chief marketing officer of Fresh LP Gas, a concern of the Meghna Group of Industries (MGI) and one of the country’s leading LPG importers, told Prothom Alo that Fresh continues to import LPG despite higher global prices.

He expressed hope that the situation could normalise by March.

However, a member of LOAB (the LPG importers’ association), speaking on condition of anonymity, said that last month the Energy Division suddenly allowed the Bangladesh Petroleum Corporation (BPC) to import LPG, with plans to supply it to private companies. As a result, some private traders scaled back their own import efforts. BPC, however, is yet to begin imports, raising doubts about its capacity to do so effectively.