Price of everything rises due to fuel oil price hike: Finance minister

Finance minister AHM Mustafa Kamal said price hike of fuel oil also increases the price of everything.

Usually, the impact of oil price hike falls on the poor people but the government is working on it and crisis period will pass, he said.

The minister made the remarks in reply to queries from newspersons at the secretariat in the capital on Wednesday.

Mustafa Kamal said the energy, power and mineral resources ministry has already clarified why the price of fuel oil has been raised and he will make no comment on it.

The prime minister will sit with the energy, power and mineral resources ministry and all concerned over the matter soon, he added.

Asked whether the impact of fuel oil price hike on the people will be evaluated, the minister said, “Of course, it will be carried out.”

Mustafa Kamal said currently the US dollar has become a global problem and dollar price is increasing in every country across the world and everyone is suffering from it. Those who are fighting a war and those who are provoking the war; both are suffering the consequences, he added.

On 4 August, Bangladesh Bank removed the treasury chief of six local and foreign banks on ground of making excessive profit in currency business.

Asked on the matter, the finance minister said, “This is a problem if banks do not cooperate at this time. There is an issue as to how much money, US dollars and cash you will deposit in your bank and if you keep anything other than these, then there will be suspicion. I am not fully aware of the matter.”

Mustafa Kamal said remittance dropped compared to export in post-Covid period and import increased at the same time, thus, an acute dollar crisis arouse.

However, foreign exchange market will be kept stable, the minister assured.