Rapid increase in fuel prices in Bangladesh

Dhaka: The retail price of fuel in Bangladesh has reached the highest level since the country’s independence in 1971.The government announced a hike in fuel prices on Friday night, Xinhua reported. Fuel prices have been increased by up to 51.7 per cent with immediate effect from Saturday.According to a notification by the
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Rapid increase in fuel prices in Bangladesh




Dhaka: The retail price of fuel in Bangladesh has reached the highest level since the country’s independence in 1971.
The government announced a hike in fuel prices on Friday night, Xinhua reported. Fuel prices have been increased by up to 51.7 per cent with immediate effect from Saturday.
According to a notification by the Ministry of Power, Energy and Mineral Resources, the price of one liter of octane here is now 135 taka (i.e. $ 1.43), up from 89 taka ($ 0.94) per litre. In which there is an increase of 51.7 percent.
At the same time, due to increase in the price of diesel and kerosene by 42.5 percent, its price has gone up to 114 taka ($ 1.20) per liter.
Apart from this, the price of petrol has now gone up to 130 Taka ($ 1.37) per liter. Earlier petrol was 44 taka per liter. Petrol prices have increased by 51.1 percent.
Officials said the hike in fuel prices at the retail level has been done to reduce the subsidy burden on state-run distribution companies.
Besides, the fuel prices in the international market are much higher than in Bangladesh, he added.
Experts warned that this move of the government would increase inflation further. Inflation rose to 7.56 per cent in June, the highest in nearly nine years.

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