Bangladesh boosts fuel prices by 17%
Bangladesh has increased fuel prices by up to 17.4% in an effort to reduce losses at the state-owned oil company and boost its revenue. However, this increase is expected to raise transportation and production costs and exert inflationary pressures on an economy already suffering from an energy crisis. This move comes amidst significant rises in global oil prices and shipping costs, with diesel now costing 135 Taka per liter and petrol 165 Taka, threatening local industries, especially the apparel export sector. The government anticipates that the price hike will cut the company's losses by approximately 100 billion Taka annually while maintaining foreign exchange reserves, even as it continues to subsidize electricity and gas supplies.
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