Most of the petrol pumps in Dhaka city implemented the reduced fuel prices as Bangladesh cut oil prices by up to 10 per cent amid growing calls from business groups.

Global oil prices, which had tumbled since 2014, are picking up again amid signs a persistent supply glut may be easing.

However, they remain way below the highs of 2009.

Bangladesh last raised oil prices in 2013 when the price of oil per barrel jumped to $122, compared with $45 on Friday. It has kept prices unchanged over the last two years to help state-owned Bangladesh Petroleum Corporation to offset its previous losses, Reuters reported.

Prices of petrol and 95-octane gasoline have now been reduced by 10 taka per litre and diesel and kerosene by 3 taka a litre, said Nasrul Hamid, state minister for power, energy and mineral resources.

After the reduction, a litre of petrol costs at 86 taka ($1.1) and 95-octane gasoline at 89 taka while a litre of diesel and kerosene costs at 65 taka.

The new rates were effective from Sunday (24 April) midnight local time.

Bangladesh's demand for oil is growing sharply because a shortfall of natural gas forced it to turn to costly oil-fired power plants to resolve its crippling electricity shortages.

Last Friday Brent futures LCOc1 ended up 1.3 per cent at $45.11 per barrel, while U.S. West Texas Intermediate CLc1 crude settled up 1.3 per cent at $43.73 a barrel.