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Energy Minister Iqbal Hassan Mahmud Tuku on Tuesday said the government will consider increasing fuel prices from next month, if necessary, by adjusting the prices.
The minister said this in response to a question from government MP Shawkatul Islam on urgent public matters. Shawkatul Islam asked whether the fuel prices will be increased, as per a report on the UNB agency.
In response, Energy Minister Iqbal Hassan Mahmud Tuku said, there is a law for fuel price increase.
"According to that law, we adjust the prices every month. We did not change the prices last month. We are working on the prices for next month. If it is seen that increasing the prices is necessary now, then we will discuss and take it to the cabinet and think about increasing the prices."
Earlier, in a statement, the minister said that in the wake of the geopolitical instability in the Middle East and the joint US-Israeli attack on Iran, the global energy supply system has been disrupted due to the restrictions imposed by Iran on shipping in the Strait of Hormuz.
As a result, he said, there has been an unusual volatility in fuel price premiums and freight rates. Security risks in shipping on international waterways have increased.
Due to this, the Minister said that there has been instability in the global fuel supply. The government is exploring all possible sources and continuing the normal supply of all types of fuel in the country.
He said that there is an adequate supply of all types of fuel oil in the country.
Highlighting the current stock picture, the Energy Minister said there is currently around 164,644 tonnes of diesel in stock, while another 138,000 tonnes will arrive by April 30. Octane stock is 10,500 tonnes, with 71,543 tonnes scheduled to arrive by April 30. Petrol stock is currently 16,000 tonnes, while 36,000 tonnes will arrive by the end of April.
The Energy Minister said that due to the crisis in the Middle East, all countries in South Asia are struggling to supply fuel oil. Pakistan has increased the price by 50 per cent. Sri Lanka has reduced rationing and working hours. India, Afghanistan, Bhutan, Maldives, Nepal have already increased the price of fuel oil.
"But Bangladesh has not increased the price," he said. "Despite the abnormal increase in fuel oil worldwide, the government has kept the price of fuel oil unchanged in April, considering the country's industrial activities and the living conditions of the common people. District administrations have been instructed to issue farmer cards to ensure that farmers receive diesel."
The Energy Minister said that the government has instructed all district administrations to operate mobile courts to prevent illegal hoarding of fuel oil.
He also said that a monitoring team has been formed at the district level.
Mentioning the taking of various initiatives for the proper use of domestic mineral resources, the Minister said that to ensure fair distribution of natural gas, petrol, acetone and diesel are being produced using condensate obtained as a by-product from domestic gas fields.
To prevent illegal storage of fuel oil, 342 operations were conducted from March 3 to April 4, some 2,456 cases were filed, 31 people were sentenced to prison.
In all these operations, combined fines worth Tk 12.54 million were imposed and 448, 456 litres of fuel oil were recovered. Of which 333,157 litres were diesel, 36,405 litres were octane, and 78, 894 litres were petrol.
"The operation will continue," the minister said.