High fuel prices will shrink profits of farmers: Agriculture minister

Agriculture Minister Muhammad Abdur Razzaque said the increase in fuel price will not reduce agricultural production, but the profit of the farmers will decrease.

"There will be no problem in irrigation using electric power but agriculture overall, will be affected. The government has been forced to increase the price of fuel to keep the country's economy stable and reasonable amid the global economic turmoil. All of us have to face the situation together," said the minister interacting with journalists at a workshop.

The Bangladesh Rice Research Institute and the Directorate of Agricultural Extension organised the workshop on increasing the production of oil crops and paddy in the hilly areas including Sylhet and Cumilla, at the Shilpakala Academy auditorium in Cumilla on Sunday.

"If we give too much of a subsidy for fuel, our foreign exchange reserve will decline rapidly, which will affect everyone. It is better to be careful from the very beginning and accepting a little trouble for the time being, will bring good in the long run," he added. 

The minister added that the government has been forced to increase the price of fuel so that consumption is reduced to some extent and Bangladesh can survive in a sustainable manner without falling into a disaster like Sri Lanka.

However, after the Russia-Ukraine war started, the agriculture minister had repeatedly said the government will do whatever it takes to make the agriculture sector profitable by providing all the necessary subsidies on the price of fertilizer.

Unfortunately, the government raised the price of urea Tk6 per kg before fuel prices increased.