DHAKA : Bangladesh raised fuel prices by up to 51.7 per cent with effect from Saturday, a move that will trim the country's subsidy burden but put more pressure on already high inflation.
The fuel price increase was inevitable given global market conditions, the ministry said in a statement, noting state-run Bangladesh Petroleum Corporation had incurred a loss of more than 8 billion taka on oil sales in the six months to July. “At a time when people are already suffering from the spiralling prices of essential commodities, any hike in petroleum prices will further add to their burden,” the official added.
Benchmark Brent crude futures fell below $95 per barrel on Friday having hit a recent peak of $133.18 in March.
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