Economic Reporter :
Implementation of various development projects and incentive packages would have been hampered if prices of fuel had not been adjusted according to the world market, said Finance Minister AHM Mustafa Kamal.
“The government does not print money. So, the burden of the increased price of fuel on the international market has been shared with the public,” said the finance minister after a meeting of Cabinet Purchase Committee on Wednesday.
In this case, the government has provided as much subsidy as possible. The rest has to be borne by the people, added the minister.
Asked why the fuel price was not reduced when the Bangladesh Petroleum Corporation (BPC) was making a profit of Tk43,000 crore in seven years, he said, the price of oil was kept low during that period.
Addressing the question of whether it was logical to raise oil prices at a time when people have become unemployed, incomes are declining, and commodity prices are rising in the market, he said it was.
“The government has not increased oil prices. The international market has caused the hike. Ship fares have risen. I will highlight the import cost and local price of oil next week,” said the minister.
The Centre for Policy Dialogue says the fuel price comprises 40% of bus fare. Considering this, bus fares could be increased 10% but it was increased by 28%, said a reporter.
In response, the minister said he will reach out to the Road Transport and Highways Division and request a review of the fares.
