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Fuel price hike temporary: Tipu

  • Staff Correspondent
  • 8 August, 2022 12:00 AM
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Fuel price hike temporary: Tipu
Commerce Minister Tipu Munshi speaks at a seminar on Bangabandhu’s economic thoughts organised by Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in the capital on Sunday.

Commerce Minister Tipu Munshi has urged people to accept the sufferings of temporary increase in fuel price hike saying that the government had to do so in response to global fuel price volatility.

“There is no doubt that people will suffer from the move. But these sufferings are temporary. We’d to take the decision because of global reality,” he told a seminar on Bangabandhu’s economic thoughts organised by Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Sunday.

The commerce minister also assured that better days would come very soon. “Sometimes, some sufferings have to be accepted for the better days.”

Tipu Munshi’s assurance came two days after the government increased fuel oil price   by 42.5 percent to 51.6 percent to adjust the local price with the unusual global fuel price hike due to Russia-Ukraine war.

The Energy and Mineral Resources Division hiked diesel and kerosene prices by Tk34 per litre to Tk114 and octane and petrol prices to Tk135 and Tk130 per litre from Tk 89 and Tk 86 respectively.

Given the global realities, the government has been compelled to take some decisions, but Prime Minister Sheikh Hasina’s every decision has farsightedness, Tipu told the business leaders at the FBCCI seminar. 

“Sheikh Hasina’s government is now in power. She has also been working relentlessly for the country’s economic development as an able successor to Bangabandhu,” he remarked.

“Please wait, the Bangabandhu’s daughter will end your suffering very soon, bring the country back on the track of progress and bring smile in your face,” he assured. 

Prime Minister’s Private Sector Industry and Investment Adviser Salman F Rahman asked the business leaders whether their industries or businesses have expanded during Sheikh Hasina’s rule in the last 14 years or not.

He mentioned that Bangladesh has been able to keep the economic momentum during the corona pandemic while many developed nations had struggled to do so.

“Now, our reserve has slightly shrunk because of rise in imports due to Ukraine-Russia war and prices have increased somewhat. But the government has taken all steps to overcome the situation, results of which has already started to come,” Rahman pointed out.  

“We hope that the foreign reserve situation will improve by December and local currency taka will be stable against the US dollar,” he expected.

Both Tipu Munshi and Salman F Rahman alleged that some opposition groups are trying to get political gains over the global volatile situation by giving “wrong message” to people.

FBCCI president Md Jashim Uddin presided over the seminar while former Bangladesh Bank governor Dr Atiur Rahman delivered the key note speech.