Bangladesh raises fuel prices as Iran war drives up costs
DHAKA: Bangladesh has raised retail fuel prices by 10 per cent to 15 per cent, citing a sharp surge in global crude oil prices and tightening supplies caused by the ongoing Middle East conflict, the energy ministry said late on Saturday (Apr 18). Under the new rates, petrol will sell at 135 taka (US$1.10) per litre, up from 116 taka, diesel at 115 taka and kerosene at 130 taka, according to an official notification. Officials said the increase was unavoidable as rising crude prices, supply chain disruptions and higher freight and insurance costs pushed up import expenses in recent weeks, particularly after oil prices have jumped during the seven-week-old Iran war. The rising fuel bill in Bangladesh, which relies heavily on imported fuel, is putting pressure on the South Asian nation’s strained foreign exchange reserves. The government initially sought to cushion consumers through subsidies, delayed price adjustments, tighter stock controls and efforts to diversify supply, but authorities said those measures had become increasingly difficult to sustain as global prices continued to climb. Dhaka has already …
