Finance and Planning Minister Amir Khosru Mahmud Chowdhury has hinted at an imminent adjustment in fuel prices to safeguard state funds and maintain the country’s economic momentum.
Speaking as the chief guest at the “Youngone-CIU Academic Excellence Scholarship Program” ceremony held at the Korean EPZ in Chattogram on Friday, the minister noted that while many nations have already increased oil prices, Bangladesh has yet to do so.
“A decision regarding fuel prices may come soon in the public interest and to protect government funds,” the minister stated. He added that “tough decisions” might be necessary at some stage for the greater interest of keeping the national economy functional.
However, he acknowledged that a price hike would impact the cost of fertiliser and food items, potentially leading to higher inflation factors he assured are being taken into consideration.
He emphasised that energy security remains the government’s top priority, stating there is “no room for compromise” on this front. He warned that any disruption in the energy supply would bring agricultural and industrial production to a standstill.
To manage the fiscal pressure caused by purchasing fuel at high international prices, the government has adopted strict austerity measures. As part of this policy, a 30 percent fuel rationing has been implemented for ministers and government officials.
“From today, my own 30 percent oil rationing has also started; if any extra is needed, I will have to buy it with my own money,” Khosru remarked.
The Minister also pointed out that the ongoing war in the Middle East has threatened the global supply chain, which directly affects Bangladesh as the region is a primary source of fuel imports. Despite these hurdles, he noted that the government has kept the supply chain active by procuring fuel from various countries at high costs.
Regarding the financial sector, the minister predicted that the capital market would see significant changes very soon. He expressed firm optimism that the Garments sector would recover and remittances would continue to rise despite the global recession, citing the resilience of local entrepreneurs. He called upon the general public to cooperate and practice energy conservation to help navigate the current global crisis.
Scholarship Presentation During the event, scholarship certificates and awards were distributed to 16 students under the “Youngone-CIU Academic Excellence Scholarship Program”.
Kihak Sung, the Founder Chairman and CEO of Youngone Corporation and Korean EPZ, attended as the special guest. The programme was presided over by MM Nurul Absar, Vice-Chancellor of CIU, and moderated by Assistant Registrar Ruma Das.
Other speakers included Mohammad Shahjahan, Managing Director of Korean EPZ, who delivered the welcome address; Lutfey M Ayub, Chairman of the CIU Board of Trustees; and board member Syed Mahmudul Haque.
The ceremony was also attended by members of the CIU Board of Trustees, faculty deans, and senior officials, including Sheikh Shahinur Rahman, Managing Director of Youngone Corporation.
