State Minister for Power, Energy and Mineral Resources Nasrul Hamid has put forth some reasons for last week’s dramatic hike in fuel prices, that saw the prices of diesel and kerosene hiked by a whopping 23.1 percent in one go.

Posting on Facebook from Glasgow, the junior minister also urged the owners of transport businesses to convert their vehicles to run on electricity, and take advantage of efficiency gains. 

“We are facing a tough reality,” Nasrul Hamid wrote, in a Facebook status posted around 11pm BdST. “Globally the fuel prices have gone up abnormally in the post-Covid-19 situation. This abnormal rise in oil, gas and coal prices has even put many wealthy nations in difficulty.”

Coming to the reasons behind Bangladesh’s hike, he reiterated the reasons he stated earlier in the day in a views-exchange meeting on the sidelines of COP26.

“We had to adjust the fuel price for its abnormal hike in the global market and also apprehending a rise in smuggling of fuel to neighbouring countries, as the price is higher there,” the state minister wrote, using his verified Facebook account.

Once again, Nasrul tried to pacify those angered by the move back home by calling it ‘a temporary step,’ saying the price will be adjusted back down again. Naturally a statement such as this invites the question ‘When?’

That’s where the caveat comes in: ‘as soon as prices fall in the international market,’ the state minister wrote.

Hamid concludes with an enticement to businesses in the transport sector. He believes if all the vehicles used in the public transport sector can be converted to run on electricity, it would reduce the demand pressure on fuel oil, besides being greener i.e. better for the environment.

“Those who run transport sector businesses can think about it seriously. All kinds of support will be provided (for converting) by the government. It’s possible to increase efficiency gains four-fold, by using an electric vehicle instead of fossil fuel burning vehicles. Besides reducing environmental pollution, it would also increase our consumption of electricity. We will also consider lowering the electricity tariff if electric vehicles recharge from midnight onwards.”