Oil & Gas

Bangladesh Protests Break Out After 52% Fuel Price Rise

Protests erupted across Bangladesh after the government announced on Friday its highest ever fuel price rise of 52%, Live Mint reported.

Thousands enveloped the streets of Dhaka and angrily encircled fuel stations across the country, The Indian Express reported, demanding gas prices are cut back to previous rates within 48 hours.

Students and left-leaning alliances lead the movement, said Dhaka Tribune, whilst Supreme Court Lawyer Md Eunus Ali Akond submitted a petition challenging the legality of rises to the Bangladesh High Court.

Global Prices Put Pressure on Bangladesh

Soaring energy and food prices worldwide left Bangladesh with few other options, said its ministry in a statement.

Inflated import bills have already caused the $450 billion economy to reach out for loans from the IMF, with state-run Bangladesh Petroleum Corporation suffering a loss of over $85 million in oil sales in the first half of the year.

Friday’s hike has already halted imports from India at Benapole port, Dkaha Tribune said, which cannot be cleared due to rising truck fares.

“The new prices will not seem tolerable to everyone,” the government said on Saturday. “But we had no other choice. People have to be patient.”

By Alfie Habershon

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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.