Bangladesh hikes fuel prices by 50 pc, highest in history
Bangladesh has increased fuel prices by around 50 percent, the highest hike since the country’s independence in 1971, local media reported on Sunday.
Russia’s attack on Ukraine has seen global energy prices rise, but oil prices have fallen in recent weeks as fears of a recession mount.
Dhaka announced on Friday that the price of petrol has gone up by 51.7 per cent and diesel by 42.5 per cent since midnight.
After the announcement, motorcyclists rushed to fuel stations across the country to try to fill up before the price hike, but some stations stopped sales, sparking protests.
Protesters said the increase would disproportionately affect millions of the country’s poor, who use diesel to power transportation and pump irrigation.
Police Commissioner Nasharul Arif said retailers in Sylhet tried to get higher prices soon after the hike was announced.
It should be noted that Bangladesh is struggling with expensive and insufficient natural gas imports amid a global increase in energy prices.
Since June, the country has seen a return to frequent power outages, or ‘load shedding’, as the government tries to reduce rising fuel costs.
Earlier, Bangladesh had also requested help from the International Monetary Fund (IMF) to deal with the financial crisis caused by fluctuating energy prices after the Russian invasion of Ukraine.