BCI worried over recent fuel price hike

FE Report Bangladesh Chamber of Industries (BCI) Monday voiced deep concern over the price hike of fuel oils for the third time in the current fiscal. In a press release, signed by Shamsur Rahman, acting president of BCI, said the government has been raising the prices of fuel oils ignoring public opinion and sidetracking the Bangladesh Energy Regulatory Commission (BERC). "It's not acceptable in any way," he said. Mr Rahman said the price hike of fuel oils would have a negative impact on all sections of the economy since energy is its driving force. He observed that such decision would push up the living cost, destabilise the transport sector and increase industrial and agricultural production costs. He said export-oriented industrial units would face losses as those are run by diesel. "The move to raise the fuel oil prices would have to be resisted to save the country's booming industrial sector," he said. BCI said the industries depended on fuel oil-run generator would face massive loss and would lose competitiveness of their products in domestic and international market. The government hiked prices of octane, diesel, petrol, kerosene and furnace oil by Tk 5.0 per litre Thursday last.