Fuel Price Hike Defended by Minister

The government has defended its recent adjustment in fuel prices, with the Minister for Power and Energy, Iqbal Hasan Mahmud, stating that the move was necessitated by a sharp rise in global oil prices and mounting import costs.

Speaking to journalists at the Secretariat in the capital, the minister explained that international market volatility has significantly increased the cost of importing fuel. According to him, global oil prices have nearly doubled compared with levels before the outbreak of conflict involving Iran, placing substantial pressure on the national economy. He further noted that the country is now required to spend an additional two billion US dollars on fuel imports.

Despite these challenges, the minister emphasised that the government has kept domestic price adjustments to a minimum in order to ease the burden on consumers. He argued that the revised prices reflect only a small portion of the actual increase in international markets, with the state continuing to provide subsidies to stabilise the situation.

The minister also highlighted that the administration has absorbed a significant share of the additional costs to limit public hardship and maintain macroeconomic stability. “We have raised prices only marginally compared to the scale of the global increase,” he said, underscoring the government’s intention to prioritise public welfare.

Following the sustained rise in global oil prices, the government has implemented a domestic adjustment ranging between 15 and 20 Bangladeshi taka per litre across fuel categories. The revised prices have come into effect from today.

Summary of Key Changes

Officials have indicated that the government will continue monitoring international energy markets closely and adjust policy measures as required to balance fiscal pressure with consumer protection.