Bangladesh raises fuel prices by 50%, the most ever.

Bangladesh has increased fuel prices by around 50%, the highest level since independence in 1971 . The sudden rise came as a shock to those who thronged fuel stations on Friday night after the government announced the new prices .

Dhaka (Bangladesh), August 6: Bangladesh has increased fuel prices by around 50%, the highest level since the country's independence in 1971, according to local media.The sudden rise came as a shock to those who thronged fuel stations on Friday night after the government announced the new prices, according to the Dhaka Tribune.Thousands of people were seen crowding the filling stations and jostling to fill their vehicle tanks in videos shared on social media platforms.Meanwhile, several filling stations in Dhakas Mohammadpur, Agargaon, Malibagh, and other areas apparently suspended operations after the news broke, declaring that their sales would resume after midnight when the new prices come into effect, according to the Dhaka Tribune.According to a survey published in The Daily Star, Bangladeshi fuel prices increased by up to 51.7 percent from February to July by selling fuel at low prices.

Russia is the world's largest exporter of oil and gas to global markets, and the subsequent harsh sanctions caused gas and oil prices to surge with ferocity, according to the World Bank, who predicted that global growth would slow even more than predicted, to 2.9 percent this year.