Editorial
Rise in fuel prices
Likely fall-out must not be overlooked
That the prices of fuel might need to be raised to adjust with international prices had been anticipated. What is quite beyond comprehension is the sheer scale of the increases imposed on the country on Monday. At one go, despite everything the administration might attempt to explain away the price increases, there is now the distinct fear of the possible ramifications of the move in nearly every sector of life. The cost of irrigation will go up, which means that it will be the already exasperated farmer who will find himself in a new grinder. Add to that the effects of the price increase on public transport in spite of what the government might plan to do about a strict monitoring of the transport sector. There is then the market, a place which has already proved notorious in terms of unbridled pricing. Overall, the increase in fuel prices can only lead to a rise in the cost of living.The energy adviser has acknowledged that the move for a price rise was an unpleasant decision. That does not quite obviate the new worries that have come into the public mind, particularly among the poorer sections of society traditionally tied to a use of kerosene. The big jump in fuel prices will affect them as well as the middle class, a reality that cannot be ignored. The compulsion the authorities have been through over the price matter is of course an issue. Even so, there are certain measures the administration could have adopted instead of going for such a drastic, pretty unexpected move. One of those measures could have been a reduction of excise duty on fuel, a suggestion that (as we understand) was made last year by the Bangladesh Petroleum Corporation itself. Moreover, if people in the transport sector are to be listened to, the spiralling effects of such fuel price increases on the sector would be checked through a reduction in the import duty on spare parts, et cetera, necessary to keep public transport running. Of course, these and similar ideas seem not to have been considered. If they had, our sense of relief would certainly be pronounced. The authorities have over the years been attributing the regular increases in fuel prices to the rise in prices worldwide. That, again, is a point to be noted. But what remains a mystery is the fact that when fuel prices have come down in the world market, a corresponding decline in prices has not been observed in Bangladesh. That ought to be cause for a rethink on the part of the administration.
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