Bangladesh Raises Jet Fuel Prices by 80%

(SeaPRwire) –   Dhaka has attributed the decision to global market instability stemming from the US-Israel conflict with Iran.

The national regulator announced on Tuesday that Bangladesh has implemented an 80% increase in jet fuel costs, marking the second price adjustment this month.

The Bangladesh Energy Regulatory Commission (BERC) pointed to global price fluctuations caused by the Middle East crisis as the primary driver for the hike.

“We were compelled to revise jet fuel prices for the second time this month, in light of the surge in international fuel rates,” BERC Chairman Jalal Ahmed stated, as reported by AFP.

The price for jet fuel on international flights has been established at $1.32 per litre. These updated rates, which apply to both domestic and international airlines with potential variations based on operational categories, went into effect as of midnight on Tuesday.

Earlier in the month, the BERC attempted a similar significant increase in jet fuel prices, though that measure was retracted following an urgent review just hours later.

According to local media, Bangladeshi Prime Minister Tarique Rahman led a special session on Wednesday to discuss measures for managing the fuel situation, which has been exacerbated by rising global oil costs due to the ongoing Middle East conflict.

Other nations in South Asia are also experiencing the effects of disruptions in fuel supply.

The Dawn newspaper reported that while Pakistan has maintained stable prices for petrol and high-speed diesel recently, it has quietly raised rates for jet fuel and kerosene without an official statement.

Meanwhile, India and Nepal have opted to keep their jet fuel prices steady.

Bangladesh, home to 175 million people, depends on imports for approximately 95% of its energy needs. Under a bilateral agreement, India is slated to provide 180,000 tonnes of diesel annually to Bangladesh through a pipeline.

A senior Bangladeshi official noted earlier this month that, as part of this deal, New Delhi is set to deliver 5,000 tonnes of diesel via a pipeline crossing the Parbatipur border.

In other developments, Dhaka has revealed plans to launch the nation’s inaugural nuclear power facility next month. Officials stated earlier this month that the first unit of the Russian-constructed Rooppur Nuclear Power Plant is scheduled to begin operations in early April. The plant is expected to contribute 1,200 megawatts (MW) of electricity to the national grid by the conclusion of the year.