The price of fuel in the world market will increase further if the Russia-Ukraine war is prolonged, said Foreign Minister AK Abdul Momen on Wednesday.

“And it’ll affect the cost of transportation and agricultural production in Bangladesh,” he said this in response to a question from ruling party’s MP Shafiul Islam from Dhaka-10.

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With Speaker Shirin Sharmin Chaudhury in the chair, the question-answer session was tabled at the Parliament.

In the scripted answer, the foreign minister said the price of oil per barrel is now the highest in the last nine years.

Bangladesh currently imports 50 lakh tonnes of diesel, 13 lakh tonnes of unrefined oil, two lakh tonnes of furnace oil and 1,20,000 tonnes of octane every year.

Now the price at which Bangladesh is buying fuel and selling it in its own market, it has to calculate a loss of over $150 crore every day, said the minister.

Besides, although Bangladesh does not import much wheat from Russia and Ukraine, the supply will be affected due to the global market situation.

“If the war continues, there is a risk of an increase in cargo ships’ fare and insurance fee.”

Meanwhile, about transactions with Russia, he said organisations in Bangladesh which have agreements with Russia should be careful about paying their dues because of banning a number of banks in the Swift system related to global interbank transactions.

“If you pay through a bank under the ban, it may get stuck in the process. It may not be possible to recover the money.”

The minister also warned that the construction of Rooppur Nuclear Power Plant can be adversely affected by the war.

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In 2018, Bangladesh had signed an agreement of loan of $138 crore with Russia for the construction of this power plant. The loan is issued through the US Federal Reserve Bank as Bangladesh wanted it in dollars instead of rubles.

Momen said the western sanctions on Russia's central bank may complicate the transaction. “Discussions are underway between Russia and Bangladesh on what can be an alternative approach to financing and repaying loans for ongoing projects.”