No urgent plans to hike fuel prices: State Minister

Originally posted in The Daily Star on 14 March 2022

State Minister for Power, Energy and Mineral Resources Nasrul Hamid. File Photo

Despite global energy prices soaring due to the Russia-Ukraine war, the government does not think the situation necessitates a sharp increase in domestic fuel oil costs, State Minister for Power, Energy and Mineral Resources Nasrul Hamid.

“We’re trying to keep the situation stable through providing subsidies. But if any big change comes from the international perspective, then a decision may come from the government to raise the prices,” UNB quoted him as saying.

Nasrul was addressing a Meet the Press event on Payra Power Plant’s inauguration scheduled for March 21.

The government will keep the prices unchanged even if it has to increase subsidies, he added.

He said the government has to count huge losses in the energy and power sector due to the price hike in the global market for the Russia-Ukraine war, however, it government doesn’t want to raise the tariffs on power and energy at this moment.

He mentioned that Prime Minister Sheikh Hasina is scheduled to inaugurate the country’s first ultra-supercritical coal-fired power plant at Payra on March 21.

The developer of the plant-North West Power Generation Company Limited (NWPGCL) and Forum for Energy Reporters Bangladesh (FERB) jointly organised the programme at the Bidyut Bhaban.

Nasrul said Bangladesh will reach a milestone through the inauguration of the Payra power plant as it has been the first ultra-supercritical power that is environment-friendly.

He noted that Prime Minister Sheikh Hasina will also announce the cent percent coverage of electrification across the country through the programme.

He said currently the country’s 99.85 percent areas and families are getting electricity as the country has been generating 13,000 MW power.