Finance and Planning Minister Amir Khosru Mahmud Chowdhury has said the recent adjustment in domestic fuel prices was driven by volatility in the global market, not by any conditions set by the International Monetary Fund (IMF).
He made the remarks while speaking to reporters at the Ministry of Finance in Dhaka on Sunday.
The minister said the government delayed increasing fuel prices for as long as possible to protect public interest, despite mounting pressure on national funds. He noted that the treasury had been under strain as global oil prices continued to rise.
Amir Khosru Mahmud said fuel prices have surged worldwide. He cited that prices doubled in the United States and increased by 25 percent in Sri Lanka.
He categorically ruled out any link between the IMF and the decision to raise fuel prices. He said the government took the decision independently to manage the upcoming budget and ease pressure on the national treasury.
“We have increased it by a very negligible amount compared to the rest of the world,” he said, adding that the adjustment was necessary to keep other economic programmes running.
On loans and cooperation, the minister said discussions with the IMF, World Bank and Asian Development Bank are ongoing.
He said the government, as a democratically elected administration, remains committed to its promises to the people. He added that it would not accept any conditions that place undue pressure on the public or the business community.
“We will not take any decision that hinders the protection of public interests,” he said, noting that the current IMF programme began under a previous administration and will conclude within six to seven months.
Addressing inflation concerns, the minister said fuel prices are only a small component of the overall economic basket. He said inflation largely depends on supply and demand dynamics.
He added that maintaining adequate oil reserves and ensuring steady supply would help reduce the impact on the public.
The minister also expressed confidence in continued international support. He said the heads of the World Bank and Asian Development Bank are scheduled to visit Bangladesh.
He added that these multilateral organisations are aligned with the government’s election manifesto and are keen to work as development partners.
He also noted that social welfare initiatives such as the ‘Family Card’ have received praise from international donors for delivering economic benefits at the grassroots level.
