Bangladesh raises fuel prices second time in six weeks - Latest News

Bangladesh raises fuel prices second time in six weeks

Bangladesh raised fuel prices on June 1, six weeks after the previous increase, as the government seeks to ease pressure on state finances affected by the conflict in the Middle East.The country imports about 95 percent of its fuel requirements, with most coming from the Middle East.Kerosene was raised to 135 taka ($1.09) per liter, up from 130, while petrol raised to 140 taka ($1.14) from 135. Diesel was unchanged.Authorities are also considering another increase in electricity tariffs.The latest fuel-price increase is likely to add further pressure to the cost of essential goods in a country that has struggled with persistently high inflation over the past several years. After a slight decline, inflation stood at 9.04 percent in April.Dhaka in March said it was seeking loans of around $2 billion from multilateral donors to tackle energy security concerns sparked by the surging fuel prices caused by the war on Iran.In May, the International Monetary Fund said it was in negotiations for a new assistance programme at Dhaka's request.Bangladesh is already in the middle of a $5.7 billion IMF program, which began in 2023 and was due to run for four years.