No plan to introduce automated fuel pricing: Finance minister

The government currently does not have any plan to introduce automated pricing to adjust fuel prices in the local market in line with the global rates, Finance Minister AHM Mustafa Kamal said Sunday.

Referring to recent commodity price fall in the international market, he said those items, once arrived in the country, will cool off the market. Echoing the same, Commerce Minister Tipu Munshi at the same programme urged people to be patient in the face of a record jump in fuel prices      

"Commodity prices have started to decline in the international market and we are procuring those at lower rates. But the consignments are yet to arrive," Mustafa Kamal told an automation programme of the national revenue board.

"There will be no pressure once those commodities arrive as we will be able to offer those at lower prices," he commented.

In reply to a query on automated fuel pricing, the finance minister said it could be adopted gradually.

When Indian automated pricing formula was referred, he said the policy is already in place in Bangladesh for the liquefied natural gas.  

Revenue board Chairman Abu Hena Md Rahmatul Muneem chaired the function.

At a separate media briefing on Sunday at revenue board headquarters in Dhaka, Rahmatul Muneem told journalists that they cannot cut fuel duty on their own if the government does not instruct them about the "key policy decision".    

'Be patient, hike temporary'

Commerce Minister Tipu Munshi has urged people not to panic about the fuel price hike, saying, "it is part of a long-term plan of the prime minister".

"There is nothing to be impatient about. The government temporarily increased the prices as the prime minister has a long-term vision," Tipu Munshi said at a seminar titled "Bangabandhu's Thoughts on Economy and Commerce" at the FBCCI auditorium in the city.    

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) organised the seminar ahead of the National Mourning Day. 

"Some people may suffer for the time being due to the fuel price hike but this suffering will take them forward," said Tipu Munshi, adding, "The price hike is for the people's welfare".     

Prime Minister's Private Industry and Investment Adviser Salman F Rahman said the pressure on the forex reserve is quite normal as the Russia-Ukraine war prolongs. 

Referring to the Bangladesh Bank governor's comment, Salman F Rahman also said the reserve has improved thanks to reducing imports. 

"I think the reserve will be stable by the end of December," he said.

Former Bangladesh Bank governor Atiur Rahman presented the keynote paper at the seminar, which was chaired by FBCCI President Md Jashim Uddin.