Bangladesh, Oct. 21 -- Letters of credit (LCs) opened for importing petroleum and petroleum products rose around 63 percent year-on-year to US$3.7 billion in the first quarter of the current fiscal year (FY27), as the Middle East conflict pushed up global oil and gas prices.

According to Bangladesh Bank data, LCs opened for petroleum and petroleum product imports amounted to $2.28 billion in July-September of the previous fiscal year, reports BSS.

LCs opened for crude oil imports tripled to around $630 million in the first quarter of FY27 from more than $200 million a year earlier.

Meanwhile, the value of LCs opened for other petroleum products, including gas, rose to $2.4 billion from $1.12 billion during the same period.

LC settlem...