Centre for Policy Dialogue (CPD) said the fuel price hike could have been avoided by addressing mismanagement, theft and corruption in energy sector even if the subsidy was withdrawn.
The independent think-tank thinks that the subsidy is an efficient tool to keep the fuel price low as it encourages pilferage and benefits not only the poor but also the rich.
CPD said Bangladesh Petroleum Corporation (BPC) could easily handle the global volatile price situation by utilising nearly Tk 470 billion profit it earned in last seven years, but the state-owned agency is not clarifying where the money has gone.
“BPC made a profit of Tk 468.58 billion from 2015 to 2021, of which only Tk 100 billion has been transferred to the state coffer, but where has gone the rest
of Tk 360 billion?” questioned CPD’s research director Khandaker Golam Moazzem.
“The price hike must have been avoided had BPC maintained transparency in its accounts, which would help it adjust the increased expenditure,” he said.
“We need to know how BPC is maintaining its accounts. What they are calling profit or loss should be revealed to people,” he remarked.