Fuel price hike will not significantly affect commodity prices: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir has claimed that commodity prices will not be significantly affected by the increase in fuel oil prices. He said the government is emphasising keeping the supply system uninterrupted so that inflation does not rise and there is no disruption in the supply of goods due to the fuel price hike.

Textiles and Jute, Industries and Commerce Minister Khandaker Abdul Muktadir made these remarks while responding to journalists' questions after a raincoat distribution ceremony among tea workers at the Lakkatura Tea Garden factory grounds on the outskirts of Sylhet city on Tuesday, September 22, at noon.

Khandaker Abdul Muktadir said fuel oil prices have increased in the international market. In various countries, fuel prices change automatically in line with the international market. As the government in Bangladesh adjusts prices through a fixed system, the price increase appears distinctly to people.

He said, "We are working so that this price increase does not affect other commodities and inflation does not rise, and the supply chain remains uninterrupted."

The Commerce Minister said a large meeting was held at the Ministry of Commerce two days ago with importers and leaders of various business organisations. There, discussions were held on where there are problems in the import, transport and supply of goods to the market.

He said, "We are looking at wherever there are inconsistencies in the communication system and the supply chain. We are working so that we can tackle the potential impact of the fuel price hike by removing these inconsistencies."

Announcing that the recent crisis in gas supply has also eased, he said there was a problem in gas supply for some days due to a mechanical fault at the FSRU. That problem no longer exists.

He said that as gas supply has normalised, factories processing various imported daily necessities have also returned to normal production.

The Commerce Minister said factories that process imported goods such as sugar and soyabean oil are now working at full capacity. As a result, there should not be any major problem in the supply of these goods in the market. If the supply system remains normal, the fuel price hike will not have a major negative impact on the market.

He said, "Prices will remain stable, inshallah, and there will be no noticeable impact on prices, inshallah."

Regarding the fuel price hike, the Commerce Minister said that when fuel prices rise in the international market, it automatically affects local markets in many countries around the world. In those countries, fuel prices change in line with the international market.

He said, "In many countries, when prices rise in the international market, a self-trigger is activated, and the price is automatically adjusted in their own country. You wake up in the morning and see that the price at the petrol pump has gone up."

Noting that the government determines fuel prices in Bangladesh, so the price increase is directly felt by people, he said fuel price hikes are a matter whose impact can move from one sector to another. Therefore, alongside keeping the supply system active, ensuring adequate supply of goods in the market is also important.

He said the government wants ordinary people not to face extra pressure due to the fuel price hike. With that goal, necessary steps are being taken in consultation with the relevant ministry and the business community.

At the time, the minister also said strict monitoring will be carried out so that dishonest traders cannot take advantage of this situation.

Earlier, raincoats were distributed among 1,980 workers of various tea gardens.

Addressing the workers, the minister said the government has taken steps to increase the income of tea gardens. He said a meeting was held a few days ago on the Prime Minister's instructions to make tea gardens profitable.

The minister said, "We are arranging ambulances for tea garden workers. Schools will be built in gardens that do not have schools. Roads in the gardens will be repaired. We are taking several planned steps to improve the living standards of tea workers. You will reap the benefits. You will benefit in all areas, including health, education and wages."

Sylhet City Corporation (SCC) Administrator Abdul Kaiyum Chowdhury, Deputy Commissioner Abdullah Al Mamun, District Council Administrator Abul Kaher Chowdhury, Metropolitan BNP President Nasim Hossain and General Secretary Emdad Hossain, among others, were present at the event organised by the Sylhet Sadar upazila administration.