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DHAKA: Thousands of Bangladeshis besieged fuel stations across the country after the government raised prices by as much as 52 percent, the largest jump on record, on the back of higher oil prices.

Russia's invasion of Ukraine has seen global energy prices soar, though oil has fallen back in recent weeks as recession fears mount.

Dhaka announced Friday that the price of petrol was going up by 51.7 percent and diesel by 42.5 percent from midnight.

Motorcycle riders raced to fuel stations nationwide to try and fill up before the price rise went into effect. Some stations paused sales, and sporadic protests broke out.

IMF ready to help Bangladesh face ongoing crisis

Demonstrators said the increases will disproportionately hit the country's tens of millions of poor people, who use diesel to power transport and farming irrigation pumps.

In Sylhet, retailers tried to impose the higher prices immediately after the hike was announced, Police Commissioner Md. Nisharul Arif told AFP.

"People gathered and protested in front of all the fuel pumps in Sylhet city."

There were similar protests in other cities.

Energy minister Nasru Hamid told reporters the decision was driven by global markets.

"Some adjustments have to be made in view of the global situation. If the situation normalises, the fuel prices will be revised accordingly," he said.

Bangladesh has been hit by higher energy prices in the wake of the war in Ukraine, spurring a struggle to source fuel for power stations.

Diesel power plants accounting for 1,500 megawatts of generation capacity -- 10 percent of the total -- have been taken offline, as have some gas-fired plants.

In recent weeks, electricity blackouts of up to 13 hours a day have resulted.

Dhaka has asked the International Monetary Fund for $4.5 billion, the Daily Star newspaper reported, after a visit by representatives of the Washington-based lender.

The Bangladeshi taka has declined by around 20 percent against the dollar in the past three months, further weakening the nation's finances -- with the current account deficit hitting $17 billion.

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SAMIR SARDANA Aug 06, 2022 05:38pm
Petrol is selling at 130 Taka a litre Taka is 95 to USD PKR is 230 to USD So on USD comparability,the price of Petrol in Pakistan,should be 300/litre - But it is 160/litre MIRACLE ! OR HAS BANGLADESH REALLY MESSED UP,AND IS RECOVERING OTHER LOSSES,VIA THE FUEL PRICE HIKE ? OR HAS BANGLADESH HIKED THE INDIRECT TAXES IN THE FUEL PRICES, TO OFFSET THE LOSS OF TAX REVENUE,AND THE HIKE IN THE IMPORT BILL,OF OIL AND PETROL ? THIS IS A GAS SURPLUS NATION ! WHAT WILL BE THE IMPACT OF THIS,ON LOGISTICS COSTS AND DG SET POWER,OF INDUSTRIES,THE IPPs ON DIESEL,WHICH IS 10% OF GRID CAPACITY, IS ALREADY DOWN. WHAT WILL BE THE IMPACT OF FUEL ON INFLATION AND WAGES ,AND THE COST OF LABOUR AND LOGISTICS,IN THE BANGLADESH TEXTILE SECTOR ? dindooohindoo IS PAKISTAN READY FOR THE OPPORTUNITY OF A LIFE TIME,IN TEXTILE EXPORTS - WITH 2 LDC - LANKA AND BANGLADESH OUT OF ACTION ? PROVIDENCE SMILES ON PAKISTAN PAKISTAN DID THE RIGHT THING - BY HIKING FUEL SOONER,FASTER AND IN A GRADIENT
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Faisal Waqar Ali Aug 06, 2022 06:21pm
@SAMIR SARDANA, 160/litre? Where ?
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rana altaf Aug 07, 2022 08:41am
Produce electricity from thar coal and go on electric vehicle and train. Zero fuel import. World will not have lng now. Now Europ is also opened coal power. Pakistan will have cheap energy from Thar coal and all textile orders will be moved to Pakistan. Pakistan with textile sector can encash this opportunity. There will be no unemployment. Generation of employment opportunities and foreign exchange reserves. Pakistan can knock out all the competitive countries in textile. Give lng and gas to textile and fertilizer industry produce surplus food Open for discussion [email protected] +61490867813
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Ahmad Aug 07, 2022 05:29pm
Days of artificial affluence and luxury are over.Every country is tightening its belt. Joy's of globalisation are coming to an end.
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