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Private condensate fractionation plants, which also produce octane and petrol, fear a storage crisis as the Bangladesh Petroleum Corporation (BPC) has decided to procure less locally produced fuel amid rising imported stocks.

Super Petrochemical PLC, the country’s largest private refinery, recently informed the BPC that three of its barge tankers have remained idle for several days as the BPC’s distribution companies have reduced fuel collection from them following the arrival of the first consignment of imported octane.

The government had earlier this month decided to keep domestic fuel prices unchanged for April by absorbing rising import costs through heavy subsidies to shield consumers from global energy shocks following the US-Israel war on Iran.

With the latest decision, fuel prices have reached their highest level on record. When the Ukraine‑Russia war began in 2022, the then government set diesel at a peak of Tk 114, octane at Tk 135, and petrol at Tk 130.

However, fuel prices were cut by Tk 5 within a couple of days amid widespread criticism from different stakeholders.

When fuel prices increase locally, it impacts the transportation, irrigation, and industrial production costs, inevitably driving up commodity prices.

Opposition leader and Jamaat-e-Islami Ameer Shafiqur Rahman last night criticised the government’s latest decision to raise fuel prices, calling it “very unfortunate” at a time when people are already grappling with high living costs.

In a post on his verified Facebook page following the announcement, Shafiqur said, “At a time when global fuel prices are declining, the government has announced an increase in fuel prices in the name of adjustment. This is very unfortunate.”

He added that people are already struggling to cope with rising expenses, and the latest hike would worsen their hardship. “This will be a blow to people who are already suffocating under the pressure of living costs,” he said.