Diesel and Petrol Price in Bangladesh 2022: Diesel and kerosene now cost Tk 114 per liter, a 42.5 percent rate increase. The price of gasoline has been fixed at Tk 130 per liter, an increase of 51.16 percent.
Octane, Diesel and Petrol Price in Bangladesh 2022
Octane will cost Tk 135 per liter, an increase of 51.68 percent from the present price.
According to an announcement from the ministry of electricity, energy, and natural resources, the decisions will take effect at midnight on Friday. The Power, Energy, and Mineral Resources Ministry announced that various nations, including our neighbors, frequently change gasoline rates as a result of the rise in oil prices on the international market. It is now Tk 114.09 and Tk 130.42 in Bangladesh, respectively. Bangladesh offered fuel and petrol at cheaper prices than Kolkata, at Tk 34.09 and Tk 44.42, respectively. It was just a matter of time until the price went up. “The price of diesel per liter outside of 40 kilometers of the fuel depot has been established at Tk106, kerosene at Tk107, octane at Tk124, and petrol at Tk120. The letter also stated that oil prices are routinely modified in several nations, including neighbors, owing to the rise in fuel oil on the global market.
In contrast to motorbikes, which run on octane or petrol, many private automobiles run on CNG, and increases in diesel prices would immediately influence bus, truck, and covered-van charges. Launch prices will also increase. Costlier transportation of products will result in higher commodity prices. The fuel used by fishing trawlers is diesel.
Why oil price is increasing in bangladesh
An increase in diesel prices will increase the cost of operating power plants or generators, which will have an impact on factory output. Following the news, a lot of refueling stations immediately stopped selling oil. These stations included Sahil Filling Station and Sohrab Service Station in Kalyanpur, Dhaka.
Following the announcement, Khaleque Service Station saw a slowdown in sales as hundreds of vehicles lined up to get gas.Some irate shoppers began dialing the police. The Sahil filling station allegedly ran out of oil, according to a worker.
The government will increase the prices, according to the state minister for power, energy, and mineral resources earlier on Friday. He said that it will make an effort to maintain prices at a manageable level while taking into account how the consequences of price increases on consumers.
If required, we will make the modifications often. Domestic prices will decline at the same rate as global prices if they do.
Nasrul claimed that because the government subsidizes gasoline prices to lower the cost of living, it loses money anytime the price of a barrel rises above $70 on the international market. For some months, the price of oil has been circling at about $100 per barrel.
He stated, “I think we should require an adjustment to the global market to prevent large losses,” pointing out that the government-run Bangladesh Petroleum Corporation lost Tk 80 billion as a result of the rise in oil prices throughout the world. While we were doing nothing, everyone in the developed world made changes. He said that the government will continue to provide diesel subsidies to the agricultural industry.
The transportation industry uses the majority of Bangladesh’s fuel oil imports. Nasrul said that a price increase would have little impact on the industry’s costs. After the increase in gasoline prices, he predicts that bus fares would climb by Tk 1 or 2 per kilometer. He stated that they were considering talking about the matter with the authorities in charge of the land, air, and sea transportation systems as well as the owners of those systems of transportation.
NO OTHER OPTIONS-
Bangladesh has prohibited purchasing liquefied natural gas, or LNG, from the spot market owing to a price increase as its foreign currency reserves are depleting.
The decision had a considerable impact on energy production because more than half of the nation’s power facilities run on gas. Additionally, the government stopped operations at power plants that use pricey diesel.
Authorities have resorted to frequent power interruptions because of the supply shortage. To address the economic catastrophe brought on by the Russia-Ukraine war, ministers and advisors have urged forbearance. Businesses have also expressed dissatisfaction with manufacturing delays brought on by power outages.
Some businesspeople proposed boosting the cost of fuel oil and electricity at a seminar held by the Federation of Bangladesh Chambers of Commerce and Industry on Thursday to guarantee a steady supply. The ministry said in the notice that there is “no choice” other than to increase the price of fuel oil, citing Nasrul. Nasrul stated that the energy ministry maintained the fuel rates as long as it could and that the government even reduced them in April 2016.
Once things go back to normal, the government will review the prices.