Bangladesh raises diesel prices by 37.5%
July 1st, 2008 | by admin |Rating: 0
Tuesday , July 01, 2008 at 0753 hrs Bangladesh’s government raised fuel prices on Tuesday to better reflect the rising cost of oil on international markets, a senior government official said.
Diesel and kerosene prices were raised by 37.5 per cent, petrol by nearly 34 per cent and LPG, or liquefied petroleum gas, by 67 per cent.
It also raised the price of furnace oil by 50 per cent.
“This is not a comfortable decision for the government, but we don’t have any other option as in recent times the state-run Bangladesh Petroleum Corporation has incurred huge losses due to the abnormal price hike of oil in international markets,” said M. Tamim, special assistant to the head of the interim government, responsible for the ministry of power, energy and mineral resources.
Bangladesh last raised domestic prices in April 2007, increasing them by 21 per cent on average. At the time, benchmark US crude oil was trading around $64 a barrel, less than half the record high on Monday of $143.67.
