Decision to depend on monthly review as Middle East tensions push global costs up
Power, Energy, and Mineral Resources Minister Iqbal Hassan Mahmood today indicated that the government may consider increasing fuel prices from next month if required.
Responding to a notice of urgent public importance raised by MP Shawkatul Islam in the Jatiya Sangsad, he said fuel prices are adjusted monthly in line with existing law.
“There is a law regarding fuel price adjustments. According to that law, we adjust prices every month. Last month, we did not increase prices after adjustment,” he said.
“We are currently working on pricing for next month. If, after adjustment, it appears that a price increase is necessary, the matter will be discussed and placed before the Cabinet for consideration,” he added.
The minister said the ongoing Middle East crisis has strained fuel supply across South Asia. Pakistan has raised prices by around 50 percent, Sri Lanka has introduced rationing and reduced working hours, while India, Afghanistan, Bhutan, the Maldives, and Nepal have already increased fuel prices.
Bangladesh, however, has kept prices unchanged despite global volatility, considering industrial activity and the livelihoods of ordinary people, he added.
To ensure farmers’ access to diesel, district administrations have been instructed to issue farmer cards.
He said geopolitical instability in the Middle East and joint US-Israeli actions have prompted Iran to restrict shipping through the Strait of Hormuz, disrupting global energy supply chains and increasing freight and insurance costs.
“The government has explored all possible sources to maintain a steady supply of fuel in the country,” he said.
He assured that Bangladesh currently holds sufficient fuel reserves. The country has 164,644 metric tonnes of diesel in stock, with another 138,000 tonnes expected by April 30.
Octane reserves stand at 10,500 tonnes, with 71,543 tonnes due by the end of the month, while petrol stocks are 16,000 tonnes, with 36,000 tonnes expected to arrive.
To prevent illegal hoarding, the government has directed district administrations to conduct mobile court drives, with monitoring teams formed at the district level.
The minister also highlighted efforts to utilise domestic mineral resources, noting that condensate from local gas fields is being used to produce petrol, octane, and diesel.
Between March 3 and April 4, authorities conducted 342 drives against illegal fuel hoarding, filing 2,456 cases. Thirty-one individuals were jailed, fines amounting to Tk 1.25 crore were imposed, and 404,456 litres of fuel were recovered, he added.
Of the seized fuel, 333,157 litres were diesel, 36,405 litres octane, and 78,894 litres petrol, he added, noting that such drives will continue.
