Finance and Planning Minister Amir Khasru Mahmud Chowdhury has said that the recent adjustment in domestic fuel prices was driven by global market volatility, not by any conditions imposed by the International Monetary Fund (IMF).
Speaking to reporters at the Ministry of Finance in Dhaka, the minister said the government had delayed increasing fuel prices for as long as possible to protect citizens, even as pressure mounted on national finances.
“The government held off on raising prices despite depleting funds, prioritizing public interest,” he said.
He noted that fuel prices have risen sharply worldwide, citing examples such as the United States—where prices reportedly doubled—and Sri Lanka, where prices increased by around 25 percent.
The minister emphasized that the decision to raise fuel prices was taken independently to manage the upcoming national budget and ease pressure on the treasury.
“We have increased prices by a very small margin compared to global trends,” he said, adding that the move was necessary to keep broader economic programs functioning.
On international financial cooperation, Chowdhury described engagements with the IMF, World Bank, and Asian Development Bank (ADB) as part of an ongoing process.
He stressed that the government, as a democratically elected administration, remains committed to protecting public interests and will not accept any external conditions that place undue burden on citizens or businesses.
“We will not take any decision that harms the public,” he said, adding that the current IMF-supported program—initiated under a previous government—is expected to conclude within six to seven months.
Addressing inflation concerns, the minister said fuel prices are only one component of a broader economic framework, noting that inflation is largely influenced by supply and demand dynamics.
He added that maintaining adequate fuel reserves and ensuring steady supply would help cushion the impact on consumers.
The minister also expressed optimism about continued international support, noting that senior officials from the World Bank and ADB are expected to visit Bangladesh soon. He said these development partners are aligned with the government’s priorities and are keen to support the country’s growth agenda.
Highlighting social protection efforts, he pointed to initiatives such as the ‘Family Card’ program, which has received positive feedback from international donors for effectively delivering benefits to grassroots populations.
