Foreign Minister Dr. AK Abdul Momen says that if the war between Russia and Ukraine is prolonged, the price of fuel oil in the world market will increase further. It will also increase the cost of transportation and agricultural production in our country. Bangladesh is currently incurring a loss of over 15 crores per day on fuel oil. Besides, the construction project of the Ruppur Nuclear Power Plant may also be adversely affected.
The Foreign Minister made the remarks in response to a question from Shafiul Islam, a Member of Parliament for the ruling National Parliament. At this time the speaker Dr. Shirin Sharmin Chaudhury presided over the session of the National Assembly.
In a written statement, the foreign minister said that the price of oil per barrel is now the highest in the last nine years. Bangladesh currently imports 5 million tons of Diesel, 13 million tons of crude oil, 2 million tons of Furnace oil, and 120,000 tons of Octane every year. Now at the price at which Bangladesh buys fuel oil and sells it in its own market, the loss is over 15 crore per day.
Highlighting the harmful effects of war, Dr. .aK Abdul Momen said that although Bangladesh did not import much wheat from Russia and Ukraine, the supply would be affected due to the global market situation. If the war continues, there is a risk that cargo ship fares and airplane fares will increase.
The foreign minister said that in the meantime, a number of banks have been banned from using the Swift system for global interbank transactions, prompting various Bangladeshi companies that have agreements with Russia to be careful about paying their dues. Because if you pay through a bank under the ban, it may get stuck in the middle. It may not be possible to recover the money.
In response to the same question, the Foreign Minister further said that the war could adversely affect our Ruppur Nuclear Power Plant construction project. In 2018, Bangladesh entered into a 13 1,138 crore loan agreement with Russia for the construction of this power plant. The loan money is coming mainly from the Federal Reserve Bank of the United States. Because Bangladesh wants to borrow money in dollars instead of ruble. Western sanctions on Russia’s central bank could complicate the transaction.
