'Govt to reduce fuel price after ME crisis ends'

The government will lower fuel prices if the Middle East crisis eases and international oil prices fall, State Minister for Power, Energy and Mineral Resources Aninda Islam Amit said on Thursday.

"The government is hopeful that the West Asia crisis will ease soon. Once it does and global oil prices fall, we'll move quickly to adjust prices in the domestic market too," he said after a meeting with government officials and civil society representatives in Meherpur.

Explaining the recent fuel price hike, Amit said the government had tried to absorb higher costs for nearly six months before taking the "tough decision".

He said Bangladesh depends on imported fuel and does not produce petroleum domestically. As the region from which the country imports fuel is facing war, disruptions in global energy markets have pushed up prices in several countries.

Fuel imports are paid for in foreign currency, while higher global oil prices, insurance premiums and other import costs have made it increasingly difficult to keep domestic prices unchanged, he said.

Amit also cited the risk of cross-border smuggling, saying the government must ensure that fuel bought with the hard-earned money of Bangladeshi expatriates is not smuggled out of the country.

"We also have to consider that the fuel purchased with the hard-earned money of our expatriate brothers and sisters should not be smuggled out of the country," he said.

Asked about the possibility of a reassessment, the state minister said fuel prices could be adjusted once the international market improves.

"If there is an opportunity to bring price lower than previous period, we will do it," he said.

On load-shedding, Amit said the government was working to ensure uninterrupted electricity supply in rural and remote areas during the irrigation season.

"We have planned to expand solar-powered irrigation systems to ensure adequate electricity supply to farmers in the coming days," he added.