Re-fix fuel oil price

The Centre for Policy Dialogue (CPD) has urged the government to re-fix the fuel oil price as the recent hike will negatively impact the economy.The civil society think tank came up with the call at a discussion titled: "Abnormal price hike of fuel oil: Could it be avoided at the moment" held at its Dhanmondi office in the capital on Wednesday.CPD Executive Director Dr Fahmida Khatun said, "The country is going through a crisis due to the current global economic situation and economic recovery from the Covid-19 pandemic."

"Price hike of fuel oil in such time will increase the travel cost and goods transportation costs as well as increase cost in agriculture and industrial production. This will raise further the inflation and put a multidimensional negative impact," she added.According to the CPD, the price of octane per litre in Bangladesh is Tk10 higher compared with price in neighbouring India while the price of diesel is higher by Tk 2. The price of octane is higher by Tk 29 and diesel by Tk 16 compared to Vietnam which is Bangladesh's biggest competitor in global RMG market.

Noting that the price of essentials in the kitchen market is very high right at the moment, Fahmida said the additional cost of fuel oil would make the lives and livelihood of common people tougher.Under the present circumstances, the CPD executive director proposed for reducing the fuel oil price in local market alongside selling TCB products in open market.She said considering the global market situation, it was necessary to hike the fuel oil price in the local market.