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Govt increases retail prices of diesel, octane, petrol, kerosene

BI Report || BusinessInsider

Published: 01:57, 31 May 2024  
Govt increases retail prices of diesel, octane, petrol, kerosene

Photo: Collected

The government has announced the hike in retail prices of diesel, octane, petrol, kerosene and the new prices will come into effect from June 1.

According to a gazette notification issued on Thursday, the prices of diesel and kerosene will rise by Tk 0.75 to Tk 107.75 per litre from the existing Tk 107. Petrol will now cost Tk 127 per litre, up by Tk 2.50 from Tk 124.50 per litre, while octane will be priced at Tk 131 per litre, up by Tk 2.50 from Tk 128.50 per litre.

Earlier in May, fuel prices were also increased. The Energy and Mineral Resources Division determined the new automated prices through a gazette notification in line with the government's decision on Thursday.

Explaining the rationale behind the price adjustments, the Energy and Mineral Resources Division noted that while petroleum prices decreased globally, the devaluation of the taka against the US dollar led to an increase in fuel prices domestically.

The implementation of automated pricing began on March 7, following the issuance of "Fuel Pricing Guidelines" by the government on March 1.

These guidelines aim to set an automated price for petroleum fuel nationwide, with local prices fluctuating in line with international prices. The government announces such prices monthly for a one-month tenure.

Walton