Written by The Banking Post
The government has defended the recent fuel price hike as unavoidable, citing rising import costs and global market volatility.
Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood briefed Prime Minister Tarique Rahman on the latest fuel situation at the Secretariat on Sunday, alongside State Minister Aninda Islam Amit.
After the meeting, the minister said the adjustment was necessary to keep the situation manageable. “Fuel imports require foreign currency, and we had no alternative but to raise prices,” he said.
Describing the current environment as a “wartime situation,” he pointed to global disruptions affecting energy markets. “Countries around the world have adjusted fuel prices… the entire world has been affected, and we are also feeling that impact,” he added.
He noted that domestic prices are still set below actual import costs, meaning the government will continue to provide subsidies despite the increase.
Officials said the briefing focused on maintaining supply stability amid external shocks and managing fiscal pressure from fuel imports.
Earlier in the day, the prime minister also chaired a meeting on water resource management, where preparations for the upcoming monsoon season—including flood and waterlogging risks—were reviewed.
Water Resources Minister Shahid Uddin Chowdhury Annie said steps such as canal excavation are underway, with new initiatives set to be launched in the coming weeks.
