Fuel price jump: Transport owners demand hike in fares

The Bangladesh Road Transport Owners Association has demanded an increase in transport fares as prices of fuel oil got dearer on Wednesday night.

“We held a meeting today and decided to submit a proposal to the regulatory authorities BRTA to increase transport fares,” Khandaker Enayetullah, secretary-general of the association, told the Business Insider Bangladesh at noon. In the afternoon, it submitted the proposal to the authorities.

The proposal, however, did not mention any percentage for the hike. It just requested the BRTA to reset bus and other public transport fares reconciling the recent price jump of fuel oil.

"For the last 8 years, the bus fares remain the same," it said in the letter.

Meanwhile, prices of diesel and kerosene have made upward adjustments and now be selling at Tk 80 each per litre at the consumer end.

The decision took effect at zero hours past Wednesday, said a gazette notification.

As prices of fuel oil rose in the international market, the circular note that Bangladesh Petroleum Corporation has been incurring losses worth Tk 20 crore every day and that the total loss in October stood at Tk 726.71 crore.

“Considering the overall situation, the government is increasing prices of diesel and kerosene at the consumer level resetting at Tk 80 per litre from Tk 65 per litre, respectively,” the circular said.