Staff Reporter:
Prime Minister’s Finance Adviser Rashed Al Mahmud Titumir yesterday pledged to dismantle what he termed the ‘poisonous’ oligarchic grip over the country’s energy sector, alleging that Bangladesh had been pushed into an import-dependent system that weakened long-term energy security and burdened public finances.
“The country’s energy framework had evolved into an oligarchic system that remained heavily depend-ent on imports, hindering Bangladesh from achieving genuine energy autonomy,” he said.
The adviser made the remarks while speaking at a dialogue titled “Renewable Energy in the Upcoming Budget: Expectations and Reality,” organized by Centre for Policy Dialogue (CPD) and Dhaka Stream in the capital.
In his speech, Titumir criticized the previous administration’s energy policies, saying they had created a structurally flawed system benefiting a small group of influential interests.
“A few agencies, companies or individuals have tied up the Bangladesh energy sector,” he said, describ-ing the entrenched structure as a “poisonous circle” and “structural poisoning” that had become a major barrier to reform.
The adviser alleged that the previous government had provided illegal legal cover to contracts and agreements that bypassed standard regulations, leading to extensive misuse of public funds through ca-pacity payments and other mechanisms.
He said the prevailing model promoted import dependency in the name of energy security while leaving the country vulnerable to global market volatility.
Referring to recent geopolitical tensions in the Middle East, Titumir said Bangladesh had been forced to shoulder heavy subsidy burdens and additional financial pressures due to fluctuations in global fuel pric-es, which also contributed to inflationary pressure on the domestic economy.
“We want to ensure energy security through domestic means, by increasing renewable electricity and diversifying the portfolio,” he said.
The finance adviser outlined a five-point strategy aimed at transforming the energy sector and reducing dependence on imported fuel.
He said the first priority would be to significantly increase the share of renewable energy in the national energy mix.
Secondly, he said, the government plans to formulate a strategic pricing policy balancing the interests of industrial investors with the purchasing capacity of ordinary consumers.
Thirdly, he stressed the importance of promoting local manufacturing of renewable energy equipment and related components to reduce import dependency and strengthen domestic industrial capacity.
The fourth milestone involves accelerating onshore and offshore gas exploration while strengthening the institutional and technical capacity of Bangladesh Petroleum Exploration and Production Company Lim-ited (BAPEX).
Finally, he said the government intends to establish clear energy reserve benchmarks, similar to strategic reserves maintained for food grains and fertiliser, to ensure a minimum level of national energy security.
The adviser also said the upcoming national budget would include revenue benefits and fiscal incentives for companies investing in the manufacturing and production of renewable energy technologies.
He urged civil society organizations, researchers and citizens to support efforts to overcome structural barriers created by vested interest groups within the energy sector.
Titumir expressed hope that the new budget, set to come into effect from July 1, would reflect a strate-gic shift towards a more transparent, sustainable and self-reliant energy framework for Bangladesh.
