The Centre for Policy Dialogue (CPD) has suggested the government to reinstate the earlier prices of fuel considering it ‘a strategic commodity’.
“We recommend the government to reinstate the previous rates of fuel as an immediate step to maintain stability,” said Dr Fahmida Khatun, executive director of CPD, said at a press briefing on Wednesday.
The social think-tank body arranged the press briefing on the impacts of petroleum fuel price hike.
Fahmida said that the hike in fuel prices has pushed the masses towards an unbearable situation and created a pressure on overall stability as many things are linked to fuel prices.
CPD distinguished fellow Prof Mustafizur Rahman, director Dr Khondaker Golam Moazzem and other directors spoke on the occasion.
Prof Mustafizur Rahman said the decision to raise fuel prices is unethical from all points of views-economic, social and political.
“People have been struggling to survive the Covid-19 impacts as their incomes have come down. At this stage, such a step is not a positive move for the economy,” he told reporters.
He also said the 26.5 percent increase in bus fares against the 23 percent rise in fuel price is totally unjustified when fuel covers only 40 percent of the total cost of a bus.
In that calculation, maximum 10 percent bus fare could have been increased, he added.
Dr Golam Moazzem said the government could easily cover its possible losses of Tk 7,200 crore without increasing the prices by withdrawing 34 percent taxes on petroleum import.
He noted that the government has a plan to earn Tk 7808 revenue from the taxes on import of petroleum fuel.
“If the taxes are withdrawn, the income will not come. Otherwise, there will be no loss on the part of the government, but people will get a big relief,” he added.
Source: United News of Bangladesh