The New Nation reported on Saturday that Bangladesh Petroleum Corporation (BPC) has proposed fresh fuel price hike to adjust it with a rise in global crude oil price. The BPC as a matter of fact did not reduce fuel price when oil price fell but take moves to increase it as soon as oil prices go up to some extent in global market. This is invariably a double standard to deprive consumers. Experts have already decried the move saying it lacks justified ground and only shows it is a mindless attempt to add owes to people’s life. Particularly the proposed price hike is quite high than the rise in oil price in global market.
We know the government is making huge profit from sale of petroleum products. Common sense suggests in a developing economy people deserve reduced cost of oil to keep business cost competitive and transportation cost affordable. But our government appears quite insensitive to such matter and every time grabs the opportunity to raise oil prices to collect more revenue to run a highly expensive government and pay for independent power producers selling electricity to the government at exorbitant price. The problem is that our government is not properly elected and not accountable to people. This is sad for the nation.
Media reports said BPC made a profit of Tk 4,212 crore in 2014-15, Tk 6,342 crore in 2015-16 and Tk 4,399 crore during fiscal 2016-17. In this background, its proposal for a 31 per cent increase in per liter furnace oil price and 11 per cent in diesel and kerosene prices makes no sense when the loss from higher crude oil price is only part of it. Some statistics show the government has increased prices of diesel and kerosene by Tk 24 per liter to Tk 68 between January 2011 and January 2013. It also raised the prices of diesel by Tk 34 per liter to Tk 60, petrol by Tk 22 per liter to Tk 96 and octane by Tk 22 per liter to Tk 99 during this period. Contrary to it, it only reduced fuel prices insignificanty once in June 2014.
We must say fuel oil price is so sensitive that affects every aspect of national life from households to manufacturing and transports. The government should ponder many times before raising the price. We hope Bangladesh Energy Regulatory Commission (BERC) should play effective role by holding an independent public hearing on the issue instead of conceding to government pressure. There must be some one to think for consumers.
We know the government is making huge profit from sale of petroleum products. Common sense suggests in a developing economy people deserve reduced cost of oil to keep business cost competitive and transportation cost affordable. But our government appears quite insensitive to such matter and every time grabs the opportunity to raise oil prices to collect more revenue to run a highly expensive government and pay for independent power producers selling electricity to the government at exorbitant price. The problem is that our government is not properly elected and not accountable to people. This is sad for the nation.
Media reports said BPC made a profit of Tk 4,212 crore in 2014-15, Tk 6,342 crore in 2015-16 and Tk 4,399 crore during fiscal 2016-17. In this background, its proposal for a 31 per cent increase in per liter furnace oil price and 11 per cent in diesel and kerosene prices makes no sense when the loss from higher crude oil price is only part of it. Some statistics show the government has increased prices of diesel and kerosene by Tk 24 per liter to Tk 68 between January 2011 and January 2013. It also raised the prices of diesel by Tk 34 per liter to Tk 60, petrol by Tk 22 per liter to Tk 96 and octane by Tk 22 per liter to Tk 99 during this period. Contrary to it, it only reduced fuel prices insignificanty once in June 2014.
We must say fuel oil price is so sensitive that affects every aspect of national life from households to manufacturing and transports. The government should ponder many times before raising the price. We hope Bangladesh Energy Regulatory Commission (BERC) should play effective role by holding an independent public hearing on the issue instead of conceding to government pressure. There must be some one to think for consumers.
