No profit in hoarding fuel, prices will not rise: Dr Zahed tells owners

Prime Minister's Adviser (Policy and Strategy) Dr Zahed Ur Rahman has said the Prime Minister has made it clear that fuel oil prices will not increase. Therefore, neither petrol pump owners nor anyone else will profit from hoarding fuel.

He made these remarks at a press conference organised by the Ministry of Information and Broadcasting to mark the completion of one month of the government at the Secretariat on Wednesday, March 25.

Information and Broadcasting Minister Zahir Uddin Swapan, Information and Broadcasting State Minister Yaser Khan Chowdhury, and Information and Broadcasting Secretary Mahbuba Farzana were also present.

Dr Zahed Ur Rahman said, "I want to tell pump owners, if anyone has a tendency to hoard, thinking that prices might increase at any moment, our Prime Minister has clearly stated that fuel oil prices are not increasing. So this tendency to hoard will not be profitable for them."

He said the current global situation has also affected Bangladesh. "It is unfortunate that we have faced a global crisis within a short time; even wealthy countries are under this pressure."

Urging people to refrain from panic buying and hoarding fuel, the adviser said, "It is now everyone's responsibility to make people understand that panic buying should not happen. Some at the pump level are trying to hoard; the government is monitoring this."

Explaining the fuel supply situation, he drew a comparison with the banking system. "If one morning everyone goes to the bank to withdraw all their money at once, the bank would collapse. Because banks assume that not everyone will withdraw money at the same time. Similarly, the government maintains a certain stock and supply chain for fuel."

He said panic buying is a reality. "We are hearing news of war; fearing the situation could worsen, many are not just filling their tanks but also trying to hoard extra."

Regarding fuel supplies running out quickly before Eid, he said the amount of oil that was meant to last several days was exhausted within hours. "This is primarily not due to government mismanagement, but rather a result of public fear and lack of awareness."

However, without dismissing this fear, he said, "For those whose livelihoods depend on fuel, especially bike riders, their concerns are real. But if we are not all collectively aware, managing this situation will be difficult."

Dr Zahed Ur Rahman said the government could have raised fuel prices domestically if it had wanted to. "We are currently buying fuel at higher prices. New supplies coming in will be even more costly. But due to long-term economic pressures, people's purchasing power has decreased. Increasing fuel prices in this situation would have led to higher inflation."

He added, "For that reason, the government has not yet raised prices. We believe people need to be more conscious in this situation."