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Bangladesh’s retail fuel prices have fallen since the country’s independence in 2011. In 1971, it increased to an unprecedented level.
The Bangladeshi government on Friday night increased fuel prices by up to 51.7 percent from Saturday, Xinhua news agency reported.
According to a price notice from the Ministry of Power, Energy and Mineral Resources, a liter of octane now costs 135 taka ($1.43), up 51.7 percent from the previous rate of 89 taka.
The price of naphtha kerosene has increased by 42.5 percent to Tk 114 per litre.
Also, each liter of petrol now costs 130 taka, an increase of 44 taka or 51.1 percent, the announcement said.
Officials said the recent price hikes at the retail level are inevitable to reduce the subsidy burden on state-run distribution companies.
Also the price of petrol in the international market is much higher than in Bangladesh.
Experts say that the rise in oil prices will exacerbate inflation, which rose to 7.56 percent in June, which is the highest in nine years.
— No matter
ksk/
(Only the title and image of this report may have been reproduced by Business Standard staff; the rest of the content was automatically generated from the syndicated feed.)
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