Power, Energy and Mineral Resources Minister Iqbal Hassan Mahmood on Sunday said the government was compelled to increase fuel prices due to rising global costs and mounting pressure on imports.
Speaking to reporters at the Secretariat in Dhaka, he explained that fuel imports require significant foreign currency, leaving the government with little option but to adjust prices to maintain economic stability.
The minister noted that, despite the increase, fuel prices have been set below the actual import cost.
Addressing concerns about the impact on consumers, he said many countries—including the United States—have also raised fuel prices in response to global market changes. “Following the war situation, we built fuel stocks at higher costs, yet continued selling at lower prices,” he added.
When asked about subsidies, Mahmood said government support remains in place but did not provide specific figures, suggesting detailed data could be obtained directly from the ministry.
He acknowledged that higher fuel prices would inevitably affect the cost of living. “This war has impacted not only Bangladesh but the entire world, and we are also feeling the effects,” he said.
Referring to earlier assurances that prices would remain unchanged in April, the minister added, “We have now been compelled to take this step.”
The government on Saturday raised prices for all types of fuel at the consumer level in line with global trends, with the new rates taking effect from Sunday.
Under the revised pricing, diesel has increased from Tk 100 to Tk 115 per liter, octane from Tk 120 to Tk 140, petrol from Tk 116 to Tk 135, and kerosene from Tk 112 to Tk 130 per liter.
