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Fuel prices to be adjusted when int’l rate stabilises, says Quader

  • Staff Correspondent
  • 8 August, 2022 12:00 AM
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Fuel prices to be adjusted when int’l rate stabilises, says Quader

Road Transport and Bridges Minister Obaidul Quader on Sunday said the government would readjust the fuel tariff once the prices drop in the international market.

“The government will adjust the fuel prices again if the prices go down in the international market,” Quader, also general secretary of Awami League, told reporters at a briefing at his official residence in the capital.

The government hiked fuel prices on Friday.

The minister said the government was forced to increase fuel prices due to abnormal price hike in the international market.

“It is true that the fuel price hike will affect different sectors of the economy. Taking the matter into the account, the government is trying to minimise the impact,” he said.

Fuel prices soared in the international market amid the Russia-Ukraine war, affecting the exchange rate of the local currency against the US dollar.

That is why, he said, Bangladesh Petroleum Corporation (BPC) had to incur huge losses.

The AL general secretary said according to experts, fuel prices will start stabilising in the global market soon.

The minister said as the fuel prices were high in neighbouring countries, there was a concern of fuel smuggling from Bangladesh to these countries.

Quader said as a result of the fuel price hike in the global market, BPC incurred a loss of about Tk 90 billion from February 22 to July 22 this year and under this circumstance, the government was forced to adjust the fuel price.

Highlighting the existing fuel prices in different countries, he said diesel price is Tk 112.56 per litre in Myanmar, Tk 114 in India, Tk 117.49 in Sri Lanka, Tk 122.8 in UAE, Tk 127.82 in Nepal, Tk 189.78 in Singapore and Tk 260.75 in Hong Kong.

The AL general secretary said the government adjusted the fuel price in last November, while it decreased diesel price on April 25 in 2016 due to its price fall in the international market.

Regarding the transport fare adjustment due to the fuel price hike, the road transport minister said the transport owners and workers associations will not demand extra fares from the newly adjusted transport fares.

He warned that legal action would be taken if any mode of transport charges additional fares from passengers.