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He stressed that Asia requires a coordinated and forward-looking response to strengthen energy security, address immediate supply disruptions, and support the most vulnerable nations.

Tarique said the crisis has already disrupted Bangladesh’s economy. “In response, we have taken a range of short-term measures to contain the impact,” he said.

These measures include demand-side management through the rationing of government office and market hours; stabilising fuel supplies through emergency imports and diversified sourcing; and consumption controls, including fuel rationing and limits on retail sales to prevent hoarding and panic buying through initiatives such as the ‘Fuel App’.

He warned that the scale and consequences of the crisis could exceed those of the 1970s oil shock, which triggered a decade of stalled development in the 1980s.

Since independence in 1971, he said, Bangladesh has worked relentlessly to drive economic growth, lift millions out of poverty, and improve living standards.

“Today, these hard-earned gains are in danger of being reversed,” he added.

Tarique Rahman said Bangladesh is not alone in facing this risk, nor can it overcome the challenge through national efforts alone.

“This moment calls for decisive and coordinated global action to contain the impact of the ongoing energy crisis, particularly to protect vulnerable countries, including the Least Developed Countries (LDCs), from severe economic and social consequences,” he said.

He also thanked Japanese Prime Minister Sanae Takaichi, who delivered the concluding remarks, for convening the timely summit.

Leaders from Malaysia, the Philippines, Singapore, Thailand, Vietnam, Timor-Leste, Japan, and other countries took part in the online meeting.

The prime minister delivered his speech from his Sangsad Bhaban office on the day. Foreign Minister Khalilur Rahman and Foreign Affairs Adviser M Humayun Kabir were also present.