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Protests Erupt In Bangladesh After 52% Hike In Fuel Prices

Black_cats

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Protests Erupt In Bangladesh After 52% Hike In Fuel Prices​

The Bangladesh government said that fuel price increase was inevitable given global market conditions.​


World Edited by Amit Chaturvedi
Updated : August 08, 2022 8:59 am IST

Protests Erupt In Bangladesh After 52% Hike In Fuel Prices

Long queues were seen outside fuel stations across Bangladesh.

A steep increase in fuel prices in Bangladesh saw protests erupting across the country. The hike, which according to Bangladeshi media is "highest ever", has increased the prices of petrol and diesel by more than 50 per cent. Bangladesh is another of India's neighbour after the island country of Sri Lanka, to have been hit by such demonstrations. Angry demonstrators surrounded fuel stations throughout Bangladesh demanding the unexpected price increase be reversed.

The increase was announced by the Sheikh Hasina government on Friday, after which diesel rate went up by 34 Taka per litre, octane by 46 Taka per litre and petrol by 44 Taka per litre. Several Bangladeshi media outlets said that this 51.7 per cent increase in fuel price is the highest since the country got independence.

Several videos surfaced on social media that showed people queuing up at fuel stations late at night to fill up their tanks.


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.

 

my2cents

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Protests Erupt In Bangladesh After 52% Hike In Fuel Prices​

The Bangladesh government said that fuel price increase was inevitable given global market conditions.​


World Edited by Amit Chaturvedi
Updated : August 08, 2022 8:59 am IST

Protests Erupt In Bangladesh After 52% Hike In Fuel Prices

Long queues were seen outside fuel stations across Bangladesh.

A steep increase in fuel prices in Bangladesh saw protests erupting across the country. The hike, which according to Bangladeshi media is "highest ever", has increased the prices of petrol and diesel by more than 50 per cent. Bangladesh is another of India's neighbour after the island country of Sri Lanka, to have been hit by such demonstrations. Angry demonstrators surrounded fuel stations throughout Bangladesh demanding the unexpected price increase be reversed.

The increase was announced by the Sheikh Hasina government on Friday, after which diesel rate went up by 34 Taka per litre, octane by 46 Taka per litre and petrol by 44 Taka per litre. Several Bangladeshi media outlets said that this 51.7 per cent increase in fuel price is the highest since the country got independence.

Several videos surfaced on social media that showed people queuing up at fuel stations late at night to fill up their tanks.


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.

These are tough times. Deal with it. It will pass, once the Ukraine war comes to an end.
 

mmr

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Protests Erupt In Bangladesh After 52% Hike In Fuel Prices​

The Bangladesh government said that fuel price increase was inevitable given global market conditions.​


World Edited by Amit Chaturvedi
Updated : August 08, 2022 8:59 am IST

Protests Erupt In Bangladesh After 52% Hike In Fuel Prices

Long queues were seen outside fuel stations across Bangladesh.

A steep increase in fuel prices in Bangladesh saw protests erupting across the country. The hike, which according to Bangladeshi media is "highest ever", has increased the prices of petrol and diesel by more than 50 per cent. Bangladesh is another of India's neighbour after the island country of Sri Lanka, to have been hit by such demonstrations. Angry demonstrators surrounded fuel stations throughout Bangladesh demanding the unexpected price increase be reversed.

The increase was announced by the Sheikh Hasina government on Friday, after which diesel rate went up by 34 Taka per litre, octane by 46 Taka per litre and petrol by 44 Taka per litre. Several Bangladeshi media outlets said that this 51.7 per cent increase in fuel price is the highest since the country got independence.

Several videos surfaced on social media that showed people queuing up at fuel stations late at night to fill up their tanks.


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.

Gas is cheaper in Canada then Bangladesh lol. In USA it’s cheaper then Canada.

Just walk it’s environment friendly lol.
 

Bilal9

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Seems like petrol in Bangladesh is now more expensive than in India. :o:

Bangladesh is a smaller country and cannot absorb price shock as well as India, which is a ten times larger market.

Anyway things will ease up in a few months, as they always do, if the belligerence in the Ukraine eases.
 

Wood

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Bangladesh is a smaller country and cannot absorb price shock as well as India, which is a ten times larger market.

Anyway things will ease up in a few months, as they always do, if the belligerence in the Ukraine eases.
Indians have always been paying higher price for petrol. So it was Bangladesh and Pakistan who were having subsidized fuel. Indians on the other hand had deregulated fuel in 2010 and were paying 100% tax on it until recently. Now the government has reduced tax to keep fuel price close to 100 INR in most cities.
 
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BananaRepublicUK

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Protests Erupt In Bangladesh After 52% Hike In Fuel Prices​

The Bangladesh government said that fuel price increase was inevitable given global market conditions.​


World Edited by Amit Chaturvedi
Updated : August 08, 2022 8:59 am IST

Protests Erupt In Bangladesh After 52% Hike In Fuel Prices

Long queues were seen outside fuel stations across Bangladesh.

A steep increase in fuel prices in Bangladesh saw protests erupting across the country. The hike, which according to Bangladeshi media is "highest ever", has increased the prices of petrol and diesel by more than 50 per cent. Bangladesh is another of India's neighbour after the island country of Sri Lanka, to have been hit by such demonstrations. Angry demonstrators surrounded fuel stations throughout Bangladesh demanding the unexpected price increase be reversed.

The increase was announced by the Sheikh Hasina government on Friday, after which diesel rate went up by 34 Taka per litre, octane by 46 Taka per litre and petrol by 44 Taka per litre. Several Bangladeshi media outlets said that this 51.7 per cent increase in fuel price is the highest since the country got independence.

Several videos surfaced on social media that showed people queuing up at fuel stations late at night to fill up their tanks.


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.


Excellent news!

Walk or use rickshaws.
 

rainbowrascal

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This is the govt. narrative.

I mean, the over smart intellectuals he was talking about is very much true. Nobody wants to listen anything nowadays...
But the question he should have been asked is that even after 10+ years of ruling why they failed to built a single refinery...
Seems like petrol in Bangladesh is now more expensive than in India. :o:
Almost same price, not much of a difference. But in india, about 50% of the cost is tax, the rest is actual price. But in bd, even after price increase govt isn't earning a single penny...
Excellent news!

Walk or use rickshaws.
Bike usage has come down to half in dhaka because of the price adjustment, overall traffic reduced 20% to my observation 😃
 

Wood

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Almost same price, not much of a difference. But in india, about 50% of the cost is tax, the rest is actual price. But in bd, even after price increase govt isn't earning a single penny...
Can you please explain how this is so? Is BD paying twice that of India to buy fuel?!
 

BananaRepublicUK

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I mean, the over smart intellectuals he was talking about is very much true. Nobody wants to listen anything nowadays...
But the question he should have been asked is that even after 10+ years of ruling why they failed to built a single refinery...

Almost same price, not much of a difference. But in india, about 50% of the cost is tax, the rest is actual price. But in bd, even after price increase govt isn't earning a single penny...

Bike usage has come down to half in dhaka because of the price adjustment, overall traffic reduced 20% to my observation 😃

Reminder to self.

Send thank you card to Putin.

Kind of
We mostly import refined petroleum which increases the price. On top of that inadequate pipeline and storage also fuels the price. We literally use 1bn+ annually just for oil transportation

Bro,

We don’t use enough petrol to justify spending massive amount on a refinery.

Plus, different kind of crude requires different kind of refinery.

It would be stupid to waste money on a fuel that is in its last leg.

We need to build more nuclear power stations and transition away from crude oil.

Hasina Has made the right strategic choice.

Don’t listen to the idiotic talking heads!!!

@UKBengali
 
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