Bangladesh Hikes Fuel Prices To Highest In History

Bangladesh raises prices for fuel to their highest in time

Dhaka 6 August : Bangladesh’s retail fuel prices have increased to levels not previously seen since Bangladesh’s declaration of independence in 1971.
The Bangladeshi government on Friday night raised fuel prices by as much as 51.7 percent with effective from Saturday, according to Xinhua news agency.

 Bangladesh Hikes Fuel Prices To Highest In

Based on a price announcement issued by the Ministry of Power, Energy and Mineral Resources According to a price notice from the Ministry of Power, Energy and Mineral Resources, 1 Liter of Octane is now priced at 135 taka ($1.43) that’s 51.7 percent higher than the previous price of 89 Taka.

The costs of fuels like diesel and kerosene have been raised by 42.5 percent to 114 Taka per liter.

Additionally every liter of petrol is now priced at 130 taka, an increase of 44 taka, or 51.1 percent, according to the notice.

Officials have said that the recent price rises at the retail end were necessary to ease the burden of subsidy on state-owned distribution companies.

Also, prices for fuel in the market on the international level are more expensive than those in Bangladesh.

Experts believe that the price hike for fuel could increase inflation, which climbed to 7.56 percent in June which was the highest rate in nearly nine years.

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