Bangladesh is grappling with rising inflation as fuel prices remain unchanged despite a drop in the global market. The current inflation rate in the country has surpassed 9%, affecting the purchasing power of its citizens. While the price of Brent crude oil fell to $73 per barrel, there has been no initiative from the government to adjust domestic fuel prices.
Experts suggest that reducing fuel prices could alleviate the situation, with the potential to lower prices by 5 to 10 taka per liter at the consumer level. The state-run Bangladesh Petroleum Corporation (BPC) is currently making profits of Tk 5 per liter of diesel and Tk 13 per liter by selling oil in the domestic market. BPC has reported losses of Tk 2,705.64 crore in the second half of the fiscal year 2021-22 and Tk 7,870 crore in the first seven months of the current financial year. To address the issue, the government plans to implement a new formula-based price adjustment process for fuel oil, potentially adjusting prices every three months starting in September 2023.
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