80 nations hiked fuel prices, but Bangladesh stays put, says state minister for power

He assures the public that current stocks are sufficient to last until April

State Minister for Power Aninda Islam Amit has ruled out any immediate hikes in fuel prices, citing the government’s commitment to shielding the public from inflationary strain.

Speaking at a cheque distribution ceremony for the underprivileged at the Jessore Deputy Commissioner’s office on Friday, the minister emphasised that the government made the decision despite significant external and internal pressures.

Aninda noted that while approximately 80 countries have increased fuel prices in response to the escalating situation in the Middle East, Bangladesh has chosen a different path.

"Thinking of the hardships faced by our people following the COVID-19 pandemic and the Russia-Ukraine war, we have decided not to raise fuel prices,” he said.

“The government is currently providing a subsidy of Tk 1.67 billion every day to keep prices stable," he added.

The minister assured that current stocks are sufficient to last until April.

He said the government has initiated a plan to maintain a mandatory 90-day fuel reserve to tackle any unforeseen global supply disruptions.

He also highlighted a significant diplomatic achievement regarding imports through the Strait of Hormuz.

"The Iranian government has permitted ships from only five countries to navigate the Strait of Hormuz for oil transport, and Bangladesh is one of them. This has been made possible due to the government's strong diplomatic standing," Aninda added.