Bangladesh fuel prices rise by more than 50%

• Bangladesh, one of the economies with the quickest rate of expansion, has increased fuel prices by more than 50% in the past week.
• The reason given is the rise in oil costs following the conflict in Ukraine.
• As another South Asian country struggles with a worsening financial crisis, thousands of people have taken to the streets to protest.

Bangladesh, one of the economies with the quickest rate of expansion, has increased fuel prices by more than 50% in the past week. The reason given is the rise in oil costs following the conflict in Ukraine. As another South Asian country struggles with a worsening financial crisis, thousands of people have taken to the streets to protest.

Mohammad Nurul Islam says he’s worried that he would soon have to turn to begging while he waits in line to buy gas for the truck he uses to transport vegetables.

Petrol costs in Bangladesh have unexpectedly increased, going from 86 taka (91 cents, 75p) per litre to 130 taka ($1.37, £1.13).

Kerosene and diesel prices have also increased by 42.5%.

Mohammed, who has worked for a transport firm for the past nine years, finds it difficult to cover the necessities due to the sharp hikes.

The 35-year-old transports fresh vegetables from his hometown to the capital, Dhaka, from his home in the northern city of Dinajpur.

He claims his employers can no longer afford to give him his full wage in light of the recent increase in fuel prices because he is responsible for supporting his parents and two small children.

“I can’t purchase my family enough food when I go to the market. If fuel costs keep rising at this rate, I won’t be able to care for my elderly parents or send my kids to school.

He says, “I might have to start begging in the street if I lose my work.”

In the country of more than 168 million people, countless others are in a similar situation.

Bangladesh has experienced a dramatic increase in oil prices, like with many other nations, as a result of Russia’s invasion of Ukraine.

Nasrul Hamid, the nation’s energy minister, asked BBC Bangla, “We realize the price increase is significant, but what can we do if the cost of the fuel grows in foreign countries?

Mr. Hamid denied claims that the government was mismanaging the economy and claimed that previous administrations had provided subsidies to prevent price increases; however, the increases were now inescapable.

We’ll try to make some tweaks if the price of everything drops by a certain amount, he added.

Following the announcement of the increase last week, thousands of people demonstrated at gas stations around the nation, begging for the increases to be repealed in scenes reminiscent of Sri Lanka.

Although there haven’t been many protests in Bangladesh, the rage and dissatisfaction are building.

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