Fuel prices may rise next month: Tuku

The government may raise fuel prices from next month if global market conditions warrant, Energy Minister Iqbal Hassan Mahmud Tuku told the Jatiya Sangsad on Tuesday.

Responding to a query from ruling party MP Shawkatul Islam, the minister said the government is reviewing fuel pricing in line with international trends amid ongoing geopolitical tensions in the Middle East.

He cited the impact of the US-Israeli attack on Iran and subsequent restrictions on shipping through the Strait of Hormuz, which have disrupted global energy supply chains, increased freight costs, and heightened security risks in international waterways. "Due to the war, there has been unusual volatility in fuel price premiums and freight rates. Under such circumstances, we are likely to adjust prices next month if necessary," he said.

Despite the global uncertainty, the minister assured parliament that Bangladesh currently has sufficient fuel stocks. He said the country holds 164,644 metric tonnes of diesel, with an additional 138,000 tonnes expected by April 30. Octane stocks stand at 10,500 tonnes, with 71,543 tonnes in the pipeline, while petrol reserves total 16,000 tonnes, with another 36,000 tonnes set to arrive by the end of the month.

Tuku noted that many South Asian countries have already raised fuel prices due to the crisis. "Pakistan has increased prices by 50 percent, Sri Lanka has reduced rationing and working hours, and countries like India, Afghanistan, Bhutan, Maldives, and Nepal have also adjusted their fuel prices. But Bangladesh has not increased prices," he said.

He added that the government kept fuel prices unchanged in April to support industrial activity and ease the burden on citizens, particularly amid economic pressures. Authorities have also been instructed to issue farmer cards to ensure uninterrupted diesel supply for agricultural use.

The minister said the government is exploring alternative sources to maintain a stable fuel supply and is continuing efforts to ensure normal distribution nationwide.

"We adjust fuel prices every month. Although prices were not changed last month, we are now reviewing the situation. If an increase is deemed necessary, the matter will be placed before the cabinet," he said.

To curb illegal hoarding, the government has stepped up enforcement measures. Mobile courts have been deployed across districts, supported by monitoring teams.

Between March 3 and April 4, authorities conducted 342 drives, filed 2,456 cases, and sentenced 31 individuals to jail. Fines amounting to Tk 1.25 crore were imposed, and a total of 448,456 litres of fuel were seized, including diesel, octane, and petrol. 

"The operation will continue," the minister added.