Increased sharp fuel prices in Bangladesh see protests erupting throughout the country. The increase, according to the Bangladesh media, is the “highest”, has raised the price of gasoline and diesel by more than 50 percent. Bangladesh is another Indian neighbor after Sri Lanka Island, such a demonstration has been hit. Angry demonstrators surround the fuel station throughout Bangladesh demanding an unexpected price increase in reversed.
This increase was announced by the Sheikh Hasina government on Friday, after that the diesel level rose 34 taka per liter, octane by 46 taka per liter and gasoline by 44 taka per liter. Some Bangladesh media outlets said that the increase in fuel prices 51.7 percent was the highest since the country received independence.
Some videos appear on social media that show people queuing up at the late at night fuel station to fill their tanks.
#Bangladesh:Thousands of people are flocking to petrol stations in Bangladesh as the government announced a 52% fuel price hike, the highest increase on record. The country is in the grip of a serious energy crisis.#Bangladesh #FuelPrices pic.twitter.com/18MTo55p34
— Wᵒˡᵛᵉʳᶤᶰᵉ Uᵖᵈᵃᵗᵉˢ𖤐 (@W0lverineupdate) August 7, 2022
The South Asian country’s $416 billion economy has been one of the fastest-growing in the world for years. However, soaring energy and food prices have inflated its import bill, prompting the government to seek loans from global lending agencies, including the International Monetary Fund.
Several protests marches were held against the government’s decision. Among them were student unions, which held protests in front of the National Museum in capital Dhaka.
Common people are already in hardship to cope with the rise of living costs. Government’s looting of Public property and mismanagement led people toward this suffering,” one of the protesters was quoted as saying by the Dhaka Tribune.
Bus operators increased price after the government’s announcement, which was rejected by groups like Bangladesh Jatri Kalyan Samity (BJKS). They said that the new bus fare should be set after “proper cost analysis”, according to Dhaka Tribune.
The fuel price increase was inevitable given global market conditions, Bangladesh’s energy ministry said in a statement, noting state-run Bangladesh Petroleum Corporation (BPC) had incurred a loss of more than 8 billion taka ($85 million) on oil sales in the six months till July.
The new prices will not seem tolerable to everyone. But we had no other choice. People have to be patient,” Nasrul Hamid, state minister for power, energy and mineral resources told reporters on Saturday. He said prices would be adjusted if global prices fall.
Bangladesh’s inflation rate has topped 6 per cent for nine consecutive months, with annual inflation in July hitting 7.48 per cent, putting pressure on poor and middle-income families to meet their daily expenses.
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