United News of Bangladesh

The government has increased the prices of all types of fuel at the consumer level in line with the rise in global fuel prices. Following the hike, the price of diesel rises to Tk 115 per litre from Tk 100 per litre, octane rises to Tk 140 per litre from Tk 120 per litre, petrol to Tk 135 per litre from Tk 116 per litre, and kerosene to Tk 130 per litre from Tk 112 per litre, said a PID handout. The new prices will come into effect from Sunday. In raising the prices in the middle of the month, the government circumvented the system introduced in March 2024, whereby an automatic pricing formula is used to fix fuel prices on a monthly basis, with prices for the following month announced at the end of each month. As a result, diesel prices have gone up by Tk 15 per litre, octane by Tk 20, petrol by Tk 19, and kerosene by Tk 18. Fuel crisis hits Rangpur, motorists spend hours in queues Previously, fuel prices were reduced by Tk 2 per litre on February 1. The revised rates remained unchanged in March and were also maintained in April despite fluctuations in the global market. The recent escalation of tensions in the Middle East, following joint attacks by the United States and Israel on Iran, has contributed to instability in global energy markets. The situation has particularly affected the Strait of Hormuz, a key route through which a significant portion of the world’s oil supply is transported. The impact has also been felt in Bangladesh, where there has been a surge in demand at petrol stations in recent days. Fuel prices may rise if Middle East conflict prolongs: PM’s Adviser Zahed Consumers reported difficulties obtaining fuel, although the government assured that sufficient stocks are available and supply remains normal. Authorities have also taken action against illegal stockpiling. The Energy Department said that more than 500,000 litres of fuel have been recovered during nationwide drives targeting hoarding. Earlier, the government had indicated it would try to avoid raising fuel prices to ease public hardship. However, Prime Minister’s Adviser on Information and Broadcasting Dr Zahed Ur Rahman said on Wednesday that the government may consider adjusting fuel prices if the ongoing conflict in the Middle East prolongs and worsens. Govt enforces sweeping austerity measures: Cuts fuel use, suspends car loans “It is not certain yet. The situation in the Middle East could deteriorate or it could improve through negotiations. Tensions involving shipping routes and Iran could negatively impact the global energy market if the situation persists for a prolonged period. If this continues for long, it will be difficult to maintain subsidies indefinitely,” he told reporters at the conference room of the Department of Information at Secretariat. Any decision on fuel price adjustment would depend on the evolving global situation, he added.