Finance Minister AMA Muhith on Monday said beginning of the winter is a good time for making a decision as he favoured a price hike in the heavily subsidised fuel sector.
“We discussed, it has to be done timely. Beginning of the winter is a good time for this. But we haven’t told them what is the appropriate time to do this,” said Muhith.
Muhith had warned earlier against rising public subsidy in the fuel sector due to oil price hike in the international market.
Bangladesh Energy Regulatory Commission decides the fuel price.
The previously taken decision to regularly adjust fuel prices in the keeping with the international market has not been implemented.
Muhith talked in favour of raising fuel at a seminar on Nov 28.
He had said the government was increasingly subsidising the fuel sector as domestic price was not fixed in line with the international market price.
He said diesel, used to run pumps for irrigation, will not see a price spiral.
Muhith also told reporters that he discussed amendment of Bangladesh Banking Company Act with the IMF representatives.
Source: Priyo news
Isnt it better to subsidise farming than subsidising fuel? Instead of producing our fertiliser that uses natural gas as raw material and used the natural gas so aved for producing electricity and we could import the required urea to meet our domestic need or alternatively produce the fertiliser in Iran or Qatar in joint venture partnership with them.