Fuel prices
Omar Khasru, On e-mail
A bunch of economists, led by Dr. Wahiduddun Mahmud, joined in the chorus of IMF, World Bank and ADP and suggested a steep rise in the price of fuel (New Age, 9 April 2006).This is total bunk to me. The polygonal agencies always suggest regressive and repressive measures such as fuel price and interest rate hike, job retrenchment, tax enhancementand monetary contraction. Our local experts, in my humble semi-economist opinion, cannot in clear conscience join in the same choir and sing the same discordant tune to cause misery and suffering for the people. What happened to welfare economics rather than blind, uncaring and insensitive subservience to World Bank and IMF detrimental prescriptions? I think the whole premise is faulty. The government is not giving any subsidy on the cost of crude oil. The so-called paper subsidy is due to the very high tax and duty on fuel oil. You would think these economists will have something better and more beneficial to brainstorm, rather than playing the compliant role of WB, IMF and ADB appeasers.
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