Bangladesh witnesses protest after 'record' rise in fuel prices; people queue up at fuel stations

Thousands of demonstrators took to the streets of Bangladesh after the government announced a steep increase in fuel prices. The 52 percent hike, according to Bangladeshi media, is the "highest" since the country gained independence.

Angry demonstrators surrounded fuel stations throughout Bangladesh demanding reversal of the price rise.

The increase was announced by the Sheikh Hasina government on Friday, after which the cost of petrol has increased by 51.2 percent to 130 taka (roughly ₹108) per litre, the cost of 95-octane petrol has increased by 51.7 percent to 135 taka (roughly ₹113), and the cost of diesel and kerosene has increased by 42.5 percent.

According to a statement from the power, energy, and mineral resources ministry, the hike in fuel prices was unavoidable given current global market conditions. It also pointed out that the state-run Bangladesh Petroleum Corporation had lost more than 8 billion taka (about ₹667 crore) on oil sales in the six months leading up to July.

Also Watch| Decoded: How did the Sri Lanka economic crisis get so dire?

Several videos surfaced on social media showing people queuing up at fuel stations late at night to fill up their tanks.

Although Bangladesh's $416 billion economy has been one of the fastest-growing in the world for years, soaring energy and food prices have increased its import bill, forcing the government to seek loans from global lending agencies such the International Monetary Fund (IMF).

"The new prices will not seem tolerable to everyone. But we had no other choice. People have to be patient," Nasrul Hamid, state minister for power, energy and mineral resources told reporters on Saturday. He said prices would be adjusted if global prices fall.