State Minister for Power, Energy and Mineral Resources Anindya Islam Amit has said that the government increased fuel prices to align domestic rates with the international market.
Speaking to reporters on Monday afternoon, the state minister said the government had no alternative but to take the unpopular decision.
He also noted that the fuel price adjustment would have no impact on the upcoming national budget.
Expressing optimism about the global energy situation, Amit said he hoped tensions and disruptions in the Middle East would be resolved soon. He added that fuel prices in Bangladesh would be reduced if global oil prices decline.
The state minister further said that failure to align domestic fuel prices with international market rates could hinder efforts to ensure social protection and welfare programmes.
He added that the government is working to reduce subsidies across various sectors as part of its broader fiscal management strategy.
FP/MI
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