Prime Minister’s Finance Adviser Rashed Al Mahmud Titumir on Sunday described Bangladesh’s energy sector as being trapped in a “poisonous circle” dominated by oligarchic interests, alleging that years of import-dependent policies had weakened the country’s energy security and placed growing pressure on public finances.
Speaking at a dialogue titled “Renewable Energy in the Upcoming Budget: Expectations and Reality,” organised by the Centre for Policy Dialogue (CPD) and Dhaka Stream in the capital, Titumir alleged that previous energy policies had created a structure dominated by a small group of influential interests.
According to him, the country’s energy sector gradually became overly dependent on imported fuel and electricity, leaving Bangladesh vulnerable to global market instability.
He claimed that certain agencies, businesses and individuals had built a “poisonous circle” around the sector, making reforms difficult and contributing to what he called “structural poisoning.”
The finance adviser also criticised past agreements and contracts in the energy sector, alleging that some were given legal protection despite bypassing standard procedures. He said such policies resulted in large public expenditures through capacity payments and other mechanisms while failing to ensure sustainable energy security.
Referring to geopolitical instability in the Middle East, Titumir said Bangladesh had recently faced additional financial burdens due to rising fuel prices in the international market, which also contributed to inflationary pressure at home.
To address these challenges, he announced a five-point strategy aimed at reshaping the sector. The government plans to expand the share of renewable energy, introduce balanced energy pricing policies, encourage local production of renewable energy equipment, strengthen gas exploration through BAPEX, and establish strategic energy reserves similar to those maintained for food and fertiliser security.
Titumir also said the upcoming national budget, scheduled to take effect on 1 July, would include fiscal incentives and revenue benefits for companies investing in renewable energy technologies and manufacturing.
He urged researchers, civil society groups and citizens to support the government’s efforts to build a transparent, sustainable and self-reliant energy system for Bangladesh.
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