Thursday, 29 September, 2022

Fuel price re-adjustment to reduce pressure on economy: FBCCI

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) has welcomed the decision for price re-adjustment of fuel oil as it would decrease the pressure on the national economy despite the global crisis.

Therefore, FBCCI president Md Jashim Uddin welcomed the decision of price reduction of diesel, petrol, octane and kerosene just after a day of cut in import duty and withdrawal of advance tax.
Jashim thanked Prime Minister Sheikh Hasina for re-adjustment of fuel oil prices in public interest, said a press release on Tuesday.

Earlier on August 14, FBCCI wrote a letter to the Prime Minister requesting a duty and tax cut and adjusting the price of fuel. 

On August 28, the National Board of Revenue (NBR) issued a gazette notification reducing import duty on diesel from 10 percent to five percent and withdrawing five percent advance tax.

The FBCCI President feels that to avoid pressure on the economy, the NBR has taken this economy-friendly decision in accordance with the timely directives from the Premier.
This re-adjustment of fuel price would decrease overall business costs, including production and transportation costs while irrigation will also be more affordable than before. "FBCCI believes that this will positively impact taming inflation."

Meanwhile, the FBCCI chief urged the businessmen to reduce the price of goods and services at the rate at which the cost of production and business will decrease as a result of reducing the price of fuel oil.

The country's apex trade body also firmly believes that the development journey of the country will continue with the prudent leadership and business-friendly policy support of Prime Minister Sheikh Hasina.