Petrol, octane prices hiked by Tk 2.50, diesel 75p

The government has further increased the retail prices of diesel, kerosene, petrol and octane for the month of June due to devaluation of Taka against US dollar.

The Energy and Mineral Resources Division set the new automated price through a gazette notification as per the government decision on Thursday.

As per a gazette notification, the prices of diesel and kerosene have been raised by Tk 0.75 to Tk 107.75 per litre, petrol by Tk 2.50 to Tk 127 from Tk 124.50 per litre and octane by Tk 2.50 to Tk 131 from Tk 128.50 per litre at the consumer level.

The new prices will come into effect on June 1, the notice added.

Earlier, fuel prices were increased for the month of May.

The Energy and Mineral Resources Division explained that although the prices of petroleum decreased in the global market, the devaluation of the Taka against the US dollar has caused an increase in fuel prices locally.

The exchange rate of the dollar has recently soared to Tk 117 from Tk 110, but it is not clear how much the rise affected Bangladesh’s imports of fuel oil.

Since March, the government has been announcing adjusted fuel prices every month.

On March 1, the government issued ‘Fuel Pricing Guidelines’ through a gazette notification to set an automated price for petroleum fuel across the country. According to these guidelines, local prices will fluctuate in line with international prices, and such prices will be announced monthly by the government for one-month tenure.