Finance and Planning Minister Amir Khasru Mahmud Chowdhury on Sunday clarified that the recent adjustment in domestic fuel prices was necessitated by extreme global market volatility rather than any conditions imposed by the International Monetary Fund (IMF).

Speaking to reporters at the Ministry of Finance, the Minister emphasized that the decision was made independently to manage the upcoming budget and alleviate immense pressure on the national treasury.

"The Bangladesh government delayed increasing prices as long as possible to protect the interests of its citizens, despite facing pressure as national funds were being depleted," he stated.

During the briefing, Amir Khasru Mahmud pointed out that oil prices have surged worldwide, noting that prices doubled in the United States and rose by 25% in Sri Lanka.

He categorically dismissed any link between the IMF and the domestic price hike, remarking, "We have increased it by a very negligible amount compared to the rest of the world."

He added that the adjustment was essential to keep other economic programs running.

Addressing the government's relationship with international lenders, he described discussions with the IMF, World Bank, and Asian Development Bank (ADB) as an ongoing process, but maintained that the administration is bound by its promises to the people.

"We will not take any decision that hinders the protection of public interests," he asserted, adding that the government would not accept conditions that create undue pressure on the public or the business community.

He also noted that the current IMF programme was initiated under a previous administration and is set to conclude within six to seven months.

Regarding inflation concerns, the Minister suggested that while oil prices are a factor, they represent only a small part of the overall economic basket, arguing that inflation is heavily dependent on supply and demand dynamics.

He stated that by maintaining adequate oil reserves and ensuring a steady supply, the government aims to mitigate the impact on the general public.

The Minister expressed confidence in continued international support, highlighting upcoming visits by the heads of the World Bank and ADB.

He noted that these multilateral bodies are aligned with the government's election manifesto and are keen to partner in the country’s development.

He further pointed out that social welfare initiatives, such as the 'Family Card,' have been highly praised by international donors for effectively delivering economic benefits to the grassroots level.