Bangladesh: People queue up at fuel stations after 52% surge in fuel prices

People are queuing up at fuel stations late at night to fill up their tanks in Bangladesh after the price was hiked 52 per cent.

Demanding the unexpected price increase be reversed, angry demonstrators surrounded fuel stations throughout Bangladesh.

In the "highest ever" price hike since the country got independence, diesel rate went up by 34 Taka per litre.

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Prompting the government to seek loans from global lending agencies, including the International Monetary Fund, soaring energy and food prices have inflated its import bill.

Bangladesh, which has been one of the fastest-growing in the world, has been witnessing several protests by student unions in the country's capital Dhaka.

Dhaka Tribune quoted a protester as saying "Common people are already in hardship to cope with the rise of living costs. Government's looting of Public property and mismanagement led people toward this suffering."

Noting that state-run Bangladesh Petroleum Corporation (BPC) had incurred a loss of more than 8 billion taka ($85 million), the fuel price increase was inevitable given global market conditions.

With annual inflation in July hitting 7.48 per cent, Bangladesh's inflation rate has topped 6 per cent for nine consecutive months.

(With inputs from agencies)

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