Economic crisis in Bangladesh: People take to the streets – The increase in fuel prices in Bangladesh is due to the increase in fuel prices in the international market.
(Agencies) Dhaka, Bangladesh The government has given yet another big blow to the inflation-affected public. Petrol-diesel prices have been increased by 51.7 percent last night. It is being termed as the biggest hike in fuel prices in the country’s history.
A double whammy has been inflicted on the public already facing inflation. The economic crisis in Bangladesh has worsened due to which now this country is also moving towards the path of Sri Lanka. In many parts of Bangladesh, angry people have taken to the streets and police and security agencies have been deployed to cause massive vandalism.
According to the new prices effective from 12.00 pm, the price of a liter of octane has now increased to 135 per cent, which is 51.7 per cent higher than the previous price of 89 per cent. The price of a liter of petrol in Bangladesh is now 130 percent, which means it has increased by 44 percent.
The Ministry of Electricity, Energy and Mineral Resources has issued a statement regarding the increase in fuel prices. It said that the decision was taken due to the rise in fuel prices in the international market. Bangladesh Petroleum Corporation suffered a loss of 8,014.51 percent between February and July due to selling fuel at low prices. The Ministry’s press release said that many countries including India have already taken this decision due to the increase in the price of fuel in the international market.
Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank amid efforts to boost its foreign exchange reserves. Bangladesh’s $416 billion economy has been the world’s fastest-growing for years, but rising energy and food prices fueled by the Russia-Ukraine war have widened its import bill and current account deficit.
Citing the people involved in the report, he said that the government has written to ADB and the World Bank and demanded $1 billion. Will discuss Bangladesh’s loan request. Bangladeshi media reported a few days ago that the country is seeking $4.5 billion from the International Monetary Fund, including budgetary and balance of payments assistance.
It is noteworthy that Bangladesh’s garment industry is the world’s number 2 exporter after China. Orders from fashion brand Tommy Hilfiger company PVH Corp and Inditex SA’s Zara supplier Palmi Fashion Ltd in July were 20 percent lower than a year earlier.