Finance
Fuel Price Hike Rising diesel and kerosene prices: Concerns over commodity prices, transport fares
Dhaka, November 5: The price of diesel and kerosene has been increased by Tk 15 per liter. At the same time, the price of liquefied petroleum gas or LPG has been increased by Tk 4.5 per kg. Besides, the prices of reticulated and autogas used in vehicles have also been increased. This will increase the price of goods and transport fares. The whole of which will press on the neck of the common man.
Meanwhile, economists and analysts believe that the rise in fuel oil and gas prices will increase the suffering of ordinary people. According to them, the epidemic coronavirus has had a major negative impact on the income and livelihood of the common people. Although the incidence of corona has decreased, it still has an effect on the lives of ordinary people. The income of many has decreased. In this situation, increasing the price of diesel and kerosene will increase the suffering of the common man. Because the increase in the price of diesel and kerosene will increase the cost of transportation and production. As a result, the prices of all kinds of goods will increase. This will reduce the purchasing power of ordinary people. Inflation will also increase.
AB Mirza Azizul Islam, an adviser to the former caretaker government and a prominent economist, said diesel, kerosene and LPG had to be imported.
In view of the increase in prices in the world market, their prices have also been increased in our country. However, the increase in prices will increase the cost of transportation and production. As a result, commodity prices will go up. Inflation will also rise.
He said raising prices was essential on the one hand and there were some disadvantages on the other. This will increase the pressure on ordinary people. Therefore, the allocation of social security programs for them should be increased and arrangements should be made so that it is distributed properly.
In the current situation, the government could not increase the subsidy without raising prices? In response to such a question, the economist said, there is a level of subsidy. How will the government finance if the level of subsidy is increased? Besides, the government has to increase revenue.
Prof. Dr. Abul Barkat, President of Bangladesh Economic Association, said that due to the increase in the price of diesel, kerosene and LPG, the price of everything else will go up and the price of only one item will go down. The one whose price will go down is 'human'.
