No immediate fuel price hike: Finance Adviser

Amid escalating tensions between Iran and Israel, Bangladesh is closely monitoring the situation but has no immediate plans to raise fuel prices, Finance Adviser Dr Salehuddin Ahmed has said.

He made the remarks while speaking to reporters following a meeting of the Advisory Council Committee on Economic Affairs and the Advisory Council Committee on Government Procurement, held at the Cabinet Division of the Secretariat on Tuesday.

“We are observing the Iran-Israel conflict carefully. While global fuel prices have increased slightly, the contracts we have already signed remain unaffected. Therefore, we are not planning to raise prices at this moment,” Dr Ahmed said.

He noted that although energy prices—particularly for gas and LNG—are sensitive to geopolitical developments, Bangladesh has been fortunate to secure recent imports at pre-conflict rates.
“For instance, the LNG import we approved today is based on earlier pricing. That’s good news for us,” he added.

When asked whether the ongoing conflict is having any impact on Bangladesh’s trade, Dr Ahmed replied,
“As of now, there is no noticeable impact on our trade.”
Regarding preparations for future volatility, he stated that while no extraordinary measures are being taken right now, the government remains alert.
“Today, we approved proposals to import LNG and fertilizer at the old prices. However, if the conflict persists and we enter into new agreements, there may be cost implications.”

Dr Ahmed also acknowledged that a prolonged war could impact not only energy supplies but also fertiliser imports and maritime logistics.
“We rely heavily on LNG. If the Strait of Hormuz—through which many of our shipments pass—is disrupted, there could be wider consequences. However, we do not expect the war to continue for long.”

In response to whether energy prices will rise soon, he emphasised,
“We are not moving in that direction just yet. We will continue to monitor the situation closely.”
The Iran-Israel conflict has already driven up global oil prices, and several countries have begun to feel the effects. However, Bangladesh is refraining from immediate price adjustments, awaiting a clearer picture of the long-term impact.