State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said that fuel prices will be adjusted soon and requested everyone to be patient for one or two months.
"The fall in oil prices in the international market will actually bring down the prices in the country. Prices will be adjusted several times if necessary" Nasrul Hamid said in a seminar titled "Energy Security in Bangladesh: Volatile International Market" on Sunday (14 August).
The seminar was organised Forum for Energy Reporters Bangladesh (FERB).
"We are closely monitoring the global situation. It hasn't been long since the fuel prices were adjusted. I would tell everyone to be patient for a month or two. We are optimistic that if the price of oil starts to decline, we can certainly bring it down with a good adjustment," the minister added.
Earlier in August this year, the government increased fuel oil prices by 42.5% to 51.6%, the highest in 20 years, dealing a big blow to people already overwhelmed by skyrocketing prices of essential goods amid record inflation.
The Energy and Mineral Resources Division hiked diesel and kerosene prices by Tk34 per litre to Tk114 and octane and petrol prices by Tk46 per litre to Tk135.
Prime Minister Sheikh Hasina has directed the Ministry of Power, Energy and Mineral Resources, and the Bangladesh Petroleum Corporation (BPC) to spell out the reasons behind the fuel price hike to the people of the country.
The sharp rise in fuel oil prices, coupled with recurrent load shedding, has hit the economy hard, affecting the farmers, small and big businesses, transportation, fishing and poultry sectors. Low and middle-income people are left on pins and needles with prices of almost all essential commodities soaring beyond their reach.
Sales of liquid fuel in the country registered a massive drop following the latest record fuel price hike of a maximum 51%. Following the fuel price hike on 5 August, consumers are now shifting from liquid fuel to compressed natural gas (CNG) and auto gas.
The recurrent load shedding has affected various local private hospitals, diagnostic centres and health care centres.