Govt Hikes Diesel, Petrol, Kerosene, and Octane Prices by Tk1

According to a notification released by the Energy and Mineral Resources Division on 31 January, the new retail prices for these fuels will be as follows:

   - Diesel: Tk105 per litre
   - Kerosene: Tk105 per litre
   - Petrol: Tk122 per litre
   - Octane: Tk126 per litre

The revised prices will be effective starting from 1 February 2025. The price adjustments come under the government’s automated pricing formula, which is designed to reflect changes in global market conditions.

The Energy Division has cited the fluctuation of global oil prices as the primary reason behind the price hike. The division emphasized that these adjustments are necessary to maintain a balance in the domestic fuel supply and to mitigate the impact of international market variations.

For consumers, the hike means a slight increase in transportation and household fuel costs, potentially affecting daily living expenses, especially for those reliant on fuel for business activities, transport, and energy needs. The government’s automated pricing mechanism aims to ensure a fair and consistent pricing structure despite the volatility in global oil prices.

In light of the price revisions, the Ministry of Energy has advised citizens and businesses to adjust their fuel usage where possible and to stay updated with any further announcements regarding fuel price changes. The public is encouraged to monitor the Business Standard’s Google News channel for the latest updates on this development.

This price hike is a part of a broader global trend of rising energy costs, as many countries face challenges related to fuel procurement and distribution. It is expected that this increase will have a ripple effect on various sectors, including transportation and logistics, which are major consumers of diesel and petrol.