Hike unavoidable amid global pressure

Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood has said the government was compelled to increase fuel prices due to soaring global rates and mounting pressure on fuel imports.

Speaking to reporters at the Secretariat, he said the country had little choice as fuel imports require substantial foreign currency, making the adjustment necessary to maintain overall economic stability.

He added that even after the latest hike, domestic fuel prices have been kept below actual import costs.

Responding to concerns over the impact on ordinary consumers, the minister said many countries, including the United States, have also raised fuel prices in response to global market fluctuations.

“Following the war situation, we procured fuel at higher costs but continued selling it at lower rates,” he said.

On subsidies, he said government support is still being provided, although he did not specify the amount. “For detailed data, you may contact the ministry,” he added.

The minister acknowledged that the price increase would contribute to rising living costs. “This conflict has affected not just Bangladesh, but the entire world, and we are also experiencing its impact,” he said.

Referring to earlier assurances that prices would remain unchanged in April, he said the government had ultimately been compelled to revise them due to changing global conditions.

The government on Saturday raised retail fuel prices with effect from Sunday, in line with international market trends.

Following the adjustment, diesel now costs Tk115 per litre, up from Tk100; octane Tk140 from Tk120; petrol Tk135 from Tk116; and kerosene Tk130 from Tk112.