Fuel prices may revise soon in nat’l interest

Finance Minister Amir Khosru Mahmud Chowdhury has signaled that the government may soon have to revise fuel prices in the national interest.

Speaking to journalists after an event at the Korean Export Processing Zone (KEPZ) in Anwara, Chattogram, on Friday, he noted that expensive fuel imports are straining the treasury, potentially impacting development projects and social welfare programs.

“In the country’s interest, a decision on fuel price adjustment must eventually be taken,” Khosru added, noting that the ongoing Middle East conflict has created risks of disruption in oil and gas supply.

Since Bangladesh relies heavily on the region for fuel, the government is purchasing from alternative sources at higher prices to maintain supply.

He assured that fuel security is not being compromised, but warned that sustained high-cost imports are straining government finances.

To manage consumption, rationing measures have been implemented for ministers, parliament members, and officials, including a 30 percent reduction in his own fuel use.

Despite these challenges, Khosru said fuel supply remains stable, ensuring industries, transport, and agriculture continues to operate normally.

On economic reforms, the minister highlighted plans to overhaul the stock market to restore investor confidence and channel large investments through capital markets rather than banks, easing pressure on the banking sector.

Addressing export earnings, he noted that global crises have impacted the garments, agricultural, and textile sectors, but expressed optimism over rising remittances and a recovery in the garments industry.
Khosru also cautioned that any increase in fuel prices could push up the cost of fertilizer and food products, adding to inflationary pressure.

However, he emphasized that, compared to many countries, Bangladesh has yet to raise fuel prices.