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People suffering immensely for price hikes

Published : 15 Aug 2022 09:29 PM | Updated : 16 Aug 2022 01:23 PM

Recent hikes in prices of various essential commodities and fuel oil are causing immense sufferings to the people of the country.

This unusual situation has been created in Bangladesh and in most of the countries mainly due to the global unrest, including the ongoing war between Russia and Ukraine. The war has created energy and power crises all over the world. 

Global unrest is also responsible for the inflation rates. 

It should be mentioned that not only Bangladesh, the entire world has been passing through a tough time since the start of the Covid-19 outbreak.

Not only in Bangladesh, even people of different developed countries are also facing the same situation. Europe, the USA, Germany, Australia and many other countries are in the same difficult situation now.    

The recent hike in fuel prices has a severe impact on citizens, affecting their purchasing power, transport freedom, business, essential commodities and overall standard of living, experts have said.

The rate at which fuel prices have been increased has already started to affect all the sectors, including the manufacturing, transport and commodities. It also has increased the inflation rate, they added. 

Many say that the government could have increased the prices in phases.

But, sources in the government said that the government did not have any alternative due to the global crisis.

SM Nazer Hossain, Vice-President of Consumers Association of Bangladesh (CAB), said that the consumer levels have been seriously affected due to increase in the price of kerosene, diesel and fertilizer.

“All products related to kerosene and diesel have set markets afire. Cost of transportation of goods and public transport has been increased. Food prices increased. Traders raised the price of each of their products once again on the pretext of rising fuel prices,” he added.

Following the announcement of the increase in prices, an immediate outcry has been created among the general people.

Apart from increased transport cost, prices of vegetables and fruits, house rent, and even rickshaw fares have been increased as a result of the fuel price hike. 

This price increase means purchasing power of the mass people has decreased as their income rate did not increase. 

Experts said that although it is known to all that the fuel price hike would create pressure in all sectors, the government had no choice. Due to the amount of subsidy the government has to pay on import of energy, reserves might be strained, and the government wants to adjust it. However, the measures taken can have a major impact on people, buyers, consumers and producers.” 

The higher authorities of the Bangladesh government, however, claimed that they were trying their best so that sufferings to the mass people are reduced. They had to increase fuel prices considering the global situation.

When the situation comes under control, they will adjust everything within the public capacity.

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