Govt forced to raise fuel prices due to Middle East crisis: State minister

The government was compelled to increase fuel prices in the country due to unavoidable circumstances amid the war in the Middle East, State Minister for Power, Energy and Mineral Resources Anindya Islam Amit said today (1 June).

Speaking to reporters at his office in the Secretariat, he also said fuel prices would be reduced promptly if international market rates decline.

Last night, the government increased the prices of octane, petrol and kerosene by Tk5 per litre, while keeping diesel prices unchanged.

The revised rates came into effect today (1 June). 

“We have repeatedly tried to convey that the government would only be forced to take such unpopular decisions when there is no alternative. The current situation has arisen because of the Middle East crisis,” he said.

Noting that diesel accounts for 66% of the country’s total fuel consumption, he said it requires the highest level of government subsidy.

“Despite that, diesel prices have remained untouched. The reason is that we do not want ordinary people to be affected in any way. However, as I mentioned, we are left with no alternative. In such circumstances, we are compelled to make adjustments in certain areas,” he said.

The state minister expressed optimism that the Middle East crisis would be resolved soon.

“I can say with confidence that if global prices decline sharply, we will also make every effort to adjust domestic prices accordingly and without delay,” he added.