Finance Minister Amir Khasru Mahmud Chowdhury today called for strict adherence to government-declared fuel austerity measures in response to the global energy crisis triggered by the ongoing Middle East war.
“The conflict in the Middle East has evolved into a global crisis, with its ripple effects driving up oil prices and creating supply shortages worldwide. The government has already taken preventive austerity measures and people from all walks of life must cooperate to address the situation,” he said.
Following his attendance as chief guest at the certificate awarding ceremony of the “Youngone-CIU Academic Excellence Scholarship-Spring-2026” at the conference room of the Korean Export Processing Zone (KEPZ) in Anowara this afternoon, the minister made the comments while briefing press.
Although there is now no fuel scarcity in the local market, Khasru hinted at a potential change of domestic fuel prices by stating that maintaining current pricing is still a problem because of the high cost of imports.
He pointed out that as many countries rely on Middle Eastern supplies to meet domestic demand, the energy issue is not just a problem in Bangladesh but has spread to other nations, including the United States.
In order to lessen the situation, he continued, the government is keeping in touch with other countries.
“We must ensure energy security at any cost. There is no scope for compromise on this issue,” the minister said.
Highlighting the government’s recent achievements, he said efforts are underway to maintain uninterrupted supply chains and stressed the need for collective cooperation to overcome the challenges.
Amir Khasru Mahmud Chowdhury, also the Planning Minister, said the government has a sincere intention to ensuring stable energy security but is facing significant challenges in maintaining uninterrupted energy supply due to high costs of importing fuel and gas from international markets.
“If the government’s reserves continue to decline unusually despite substantial spending on fuel imports at high global prices, development initiatives and social assistance programs could be affected,” the minister said, adding, “At some point, we will have to make decisions on fuel price adjustments in the country’s greater interest.”
Acknowledging a decline in export earnings from sectors such as garments, agro-products, and textiles, Amir Khasru expressed optimism that the shortfall could be offset by strong remittance inflows and a rebound in ready-made garment exports.
Highlighting that Bangladesh has not yet increased fuel prices, unlike many other countries facing the global fuel crisis, he warned that prolonged pressure on inflation could lead to significant effects, particularly on fertilizer and food prices.
On the capital market, the Finance Minister said the government is actively working to create a favorable environment for capital market-based investment as an alternative to reliance on bank loans.
Emphasizing the importance of collaboration for quality higher education and skilled human resources, he noted that top universities worldwide often partner closely with industry to enhance practical education and research.
Citing South Korea’s achievements in the technology sector, Amir Khasru urged Chattogram Independent University (CIU) to raise its standards in technical and technological education by leveraging opportunities offered by Korean partners.
Kihak Sung, Founder Chairman and CEO of South Korean industrial giant Youngone Corporation and the Korean Export Processing Zone (KEPZ), attended the function as the guest of honor, which was chaired by CIU Vice Chancellor Prof. Dr. M M Nurul Abser.
Col. (Retd.) M Shah Jahan, Managing Director of KEPZ, delivered the welcome address, while CIU Board of Trustees members Syed Mahmudul Hoq and Lutfe M Ayub also spoke. The event was moderated by CIU Assistant Registrar Rooma Dass.
Under the partnership, Chattogram-based CIU has collaborated with Youngone Corporation to provide facilities and opportunities for CIU’s meritorious students to access higher education programs in South Korea.
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