Bangladesh has raised domestic fuel prices in response to soaring global oil prices. As of Sunday, the price of gasoline rose by almost 17 percent per liter (from 36 to 42 takas), while that of premium grade gas was pushed up more than 18 percent (from 38 to 45 takas). Diesel and kerosene prices were also raised by around 16 percent each (from 26 to 30 takas). It was the fourth price hike this year.
Top energy official Mahmudur Rahman said the new prices will help minimize the losses at the state-run Bangladesh Petroleum Corporation. Last week, world crude oil prices reached an all time high -- more than 70-dollars per barrel. But they eased on Friday, after the International Energy Agency released reserve supplies of oil to make up for interruptions caused by Hurricane Katrina.