State Minister for Power, Energy and Mineral Resources Anindya Islam Amit on Monday said the government would reduce fuel prices in the domestic market as soon as international prices decline, ensuring that consumers benefit from lower global rates.
“The recent adjustment in fuel prices was necessitated by developments in the international market and the ongoing tensions in the Middle East,” he said Speaking to reporters at the Secretariat.
He said Bangladesh follows a monthly fuel price adjustment mechanism.
However, no changes were made in May as prices had already been adjusted in April.
The latest revision was made in response to fluctuations in global oil prices and evolving international circumstances.
“The government never intends to raise fuel prices unnecessarily,” Amit said.
“But the current situation in the international market and instability in the Middle East have created conditions where price adjustments became unavoidable in some cases.”
The state minister noted that the government continues to provide the highest level of subsidy on diesel and has kept its price unchanged to minimise the burden on ordinary people.
“Despite the prevailing challenges, the price of diesel has remained unchanged to protect consumers. However, adjustments had to be made for several other fuel products due to market realities,” he added.
Responding to a question on the possibility of reducing fuel prices in the future, Amit said consumers would receive the benefits of any decline in international fuel prices.
“In the past, people did not always receive the benefits of falling global prices promptly. But the present government is accountable to the people. If international prices come down, we will take swift decisions to pass on that benefit and ease public hardship,” he said.
The remarks came a day after the government increased the prices of kerosene, petrol and octane by Tk 5 per litre while keeping diesel prices unchanged.
According to a notification issued on Sunday night, the latest adjustment was made to align domestic fuel prices with trends in the international market.