Prime Minister’s Adviser on Finance and Planning Rashed Al Mahmud Titumir said the government has begun work on achieving five major milestones to strengthen Bangladesh’s energy security and reduce dependence on imported fuel, reports UNB.
He made the remarks on Sunday while addressing a dialogue titled “Renewable Energy in the Upcoming Budget: Expectations and Reality,” organized by the Centre for Policy Dialogue (CPD) at a hotel in Dhaka.
Titumir said Bangladesh’s energy sector had long been shaped by import-dependent policies that benefited oligarchic interests rather than supporting sustainable industrialization and national self-reliance.
“The entire energy sector was handed over to oligarchs and made import-reliant. Instead of driving industrialisation, previous energy policies made Bangladesh economically dependent on others,” he said.
The adviser outlined five key priorities guiding the government’s future energy roadmap.
First, he said the upcoming national budget would allocate greater resources to renewable energy, which the government now considers its top priority.
Second, energy pricing would be adjusted according to consumers’ income levels.
“There are different categories of consumers, including general households and industrial investors. Among general consumers, there are upper, middle, and lower-income groups. Prices will be determined according to income levels while respecting the decisions of the regulatory commission,” he said.
Third, the government plans to introduce a new policy framework to accelerate renewable energy adoption and gradually move Bangladesh toward energy self-sufficiency.
Fourth, Titumir announced that domestic gas exploration activities would be revived with greater emphasis on national capacity building.
“Bangladesh will restart gas field exploration. Reliance solely on foreign agencies will not continue. Steps have already been taken to strengthen state-owned BAPEX to enhance domestic expertise,” he said.
Fifth, the government plans to establish strategic fuel reserves across all major energy sources to improve long-term energy security.
“There was never any concept of strategic reserves in this sector. The government is now giving serious attention to the issue,” he added.
Titumir also criticized the existing structure of Bangladesh’s power sector, saying excessive installed power generation capacity that remained underutilized had become a major financial burden due to capacity payments.
“Excessive capacity was maintained despite knowing it would remain unused, turning capacity charges into a serious burden on public finances,” he said.
He questioned the legal and strategic basis of several past power sector agreements, arguing that they failed to support Bangladesh’s long-term energy security goals or environmental sustainability.
According to him, the country also failed to make necessary structural changes needed for a gradual transition away from fossil fuels toward a more environmentally sustainable energy system.
On recent fuel price increases, Titumir said the government had acted cautiously due to inflationary concerns and the potential impact on agriculture.
“This modest adjustment alone increased inflation. Had diesel prices been raised earlier, it would have negatively affected agricultural production,” he said.
Rejecting demands for fully market-driven fuel pricing, he argued that a people-oriented government could not arbitrarily increase energy prices, especially amid ongoing instability in the Middle East.
Titumir said the government was now working toward a new energy strategy focused on national interests, reduced foreign dependence, and a stronger, self-reliant energy sector for Bangladesh.
Bd-pratidin English/ Jisan
