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Economists have said that the hike in petrol and diesel prices could have been implemented gradually (image source: getty images) |
In Bangladesh, the price of petrol and diesel has increased the most in the country's history.
the price of oil in Bangladesh has increased by more than 51% on Saturday, while the government said that it will increase the supply of oil.
Bangladesh is one of the fastest growing economies in the world for years, with a GDP of 416 billion dollars, but now the country is facing global food shortages. And facing the impact of rising fuel prices.
Rising global food and fuel prices have pushed up Bangladesh's import bill.
The government of Bangladesh has been trying to get help from the International Monetary Fund (IMF) since July.
Announcement. Following this announcement, thousands of Bangladeshi citizens rushed to petrol pumps across the country to fill their vehicles with petrol before the new prices were implemented.
Bangladesh's Ministry of Electricity, Energy and Mineral Resources said in a statement that the price hike came as state-run Bangladesh Petroleum Corporation lost more than $840 million due to fuel subsidies between February and July. Recorded.
Minister of Electricity, Energy and Mineral Resources Nasr al-Hamid told reporters on Saturday that we had no choice but to increase prices to keep oil supplies normal. Nasr al-Hamid appealed to the public for patience.
And admitted that the new prices 'will not be affordable for everyone.' He added that 'if the prices come down in the international market, we will adjust them.'
It should be noted that the inflation rate of Bangladesh reached 7.48% in July due to the increase in global fuel prices as a result of Russia's attack on Ukraine.
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The Bangladesh government on Friday announced a 51.1 percent increase in petrol prices and a 42.5 percent increase in diesel prices (image source: getty images). |
Economists said the increase in petrol and diesel prices could have been implemented gradually.
This sudden increase will have a severe impact on the poor who are already under pressure due to inflation.
Asad-ul-Zaman, former research director of the Bangladesh Institute of Development Studies, said that if price increases were necessary to reduce the deficit, the government could have done it gradually.
The prices of petroleum products can be increased by 4 to 5 percent like every six months. It will be relatively easy for people to afford it.
He said, "This increase in prices will increase inflation drastically as it will increase the cost of the supply chain within the country and food supply will also be greatly affected."
Fahmida Khatun, executive director of the Center for Policy Dialogue in Dhaka, said the new fuel prices would "put a lot of pressure on people's lives" and increase inflation.
"This increase will have an immediate impact on transportation, house rent, electricity bills, industrial production and irrigation in Bangladesh," Fehmida Khatun said.
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