Bangladesh will cut fuel prices once West Asia tensions ease: state minister

The government will lower fuel prices if the crisis in West Asia eases and international oil prices fall, State Minister for Energy Aninda Islam Amit has said.

Explaining the recent price hike after a meeting with officials in Meherpur on Thursday, Amit said the government had tried to absorb the higher costs for nearly six months before taking the “tough decision”.

“The government is hopeful that the West Asia crisis will ease soon. Once it does and global oil prices fall, we’ll move quickly to adjust prices in the domestic market too,” he said.

Responding to questions about the price increase, Amit said Bangladesh relies on imported fuel and does not produce petroleum domestically.

He said the region from which Bangladesh imports fuel was experiencing war, disrupting global energy markets and pushing up prices in several countries.

Fuel imports are paid for in foreign currency, Amit said, adding that higher global oil prices, insurance premiums and import costs had made it increasingly difficult for the government to avoid raising domestic prices.