Fuel shock! Bangladesh hikes prices to record high amid Middle East crisis

The price hike is expected to strain consumers, with the government increasing diesel by Tk 15 per litre, octane by Tk 20, petrol by Tk 19, and kerosene by Tk 18.

Under the revised rates, effective from midnight, diesel will now cost Tk 115 per litre (up from Tk 100), octane Tk 140 (up from Tk 120), petrol Tk 135 (up from Tk 116), and kerosene Tk 130 (up from Tk 112), according to The Daily Star.

The Ministry of Power, Energy, and Mineral Resources issued an official notification announcing the new prices.

Energy Division spokesperson Monir Hossain Chowdhury said the government had attempted to maintain stable fuel prices for as long as possible, but persistent volatility in the global market made it untenable.

“Prices are fluctuating even within a single day. We tried to keep them stable, but the economy cannot sustain that pressure at this moment,” he told The Daily Star.

He added that uncertainty surrounding the Strait of Hormuz has also disrupted fuel imports, further compounding the situation.