Fuel prices to be slashed once global market stabilises: State minister
The fuel price hike is an unavoidable consequence of the global situation, he says.
State Minister for Power, Energy and Mineral Resources Aninda Islam Amit today (23 September) said fuel prices in Bangladesh will be reduced once the international market stabilises and the Middle East crisis eases.
"The fuel price hike is an unavoidable consequence of the global situation. It was not a deliberate decision by the government, but a necessary step taken amid the global economic crisis and in the interest of border security," he said.
He made the remarks while speaking to journalists after a meeting with government officials, local elected representatives and civil society members at the Jhenaidah deputy commissioner's office.
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The state minister said Bangladesh could not remain isolated from global developments and had to adjust domestic fuel prices amid the crisis and a significant price gap with neighbouring countries.
He said international fuel, shipping and insurance costs rose significantly between March and August, but the government did not increase domestic prices during that period. As a result, Bangladesh Petroleum Corporation incurred losses of around Tk22,875 crore, he said.
The price adjustment was also necessary to prevent fuel bought with foreign currency from being smuggled to neighbouring countries, he added.
On possible power shortages during the upcoming Boro irrigation season, he said ensuring uninterrupted electricity supplies to farmers, particularly in rural and marginal areas, remained a priority.
The meeting was attended by Jhenaidah-2 MP Ali Azam Mohammad Abu Bakr, Jhenaidah-3 MP Motiar Rahman, Deputy Commissioner Md Noman Hossain and Superintendent of Police Mia Mohammad Ashish Bin Hasan, among others.
