Wares Ali Khan :
Due to the recent inflation, the common masses have been fighting hard to meet their daily need for survival. Just then the unimagined news of a fuel oil price hike has come forth. The decision has been taken to increase the prices of fuel oil – diesel, kerosene including petrol and octane after nine months citing the increase in prices in the international market. On average the price has increased by more than 47 per cent in a single day jump. The price of fuel oil has never been increased in such summation in one jump earlier. That’s why this hike has been addressed as a record-breaking rise. This will put more pressure on the lives of common people who already have been under the constant pressure of commodity price hikes for a long.
It was anticipated that the price would be increased in the tolerable margin to adjust to the increasing price of fuel in the international market. But if this unforeseen rise in fuel price could keep at a tolerable level it would have been a relief for many. As much as the price has been increased – is beyond the thinking of the consumers. Therefore, on gross, from the very domains of the monetary backdrop – the economy – perhaps does not seem to be able to take the pressure of such a suddenincrease in prices in this current crisis and austerity. Therefore, it might bring multifaceted challenges to the day-to-day life of people in multiple dimensionsin terms of survival.
Reportedly, in total, the transportation sector consumes 65 per cent of the total fuel oil. About 16 per cent is usedin agriculture. The industrial sector consumes 7 per cent, and the power sector consumes 10 per cent of oil. It is obvious that due to the sudden high increase in fuel oil price, all transport fares run with fuel oil will increase for sure. At the same time, private car owners, motorbike pillions, and commoncommuters will face the pressure of this newly increased price.
Expenses will increase in the agricultural sector and the production cost in the sector will go high simultaneously. Peasants will have to carry out the extra burden of agro-expenses on their shoulders to meet the need for food stuffs. There will also be huge impacts on daily agro commodity prices. Consequently, goods like – rice and serial food stuffs, and vegetable prices will be on a quick run. It is for sure that this unusual increase in oil price will add salt to our old cut, and throttle the rush on our living in the larger context once again.
Since the price of the dollar rose from 86 to 108 taka after last May 2022, the importers have increased the price of all products. Many products including rice, dal, oil, sugar, soap, baby foods, kids’ items, and lots of glossary items are more expensive in the market and this has created a suffocating feeling for mass consumers. In such a situation, the increase in the price of fuel will define the untold crisis of the common folks anew.
The increase in fuel oil will affect our industrial production pessimistically. The expenses will goup for small and heavy industrial entrepreneurs. Entrepreneurs dependent on fuel oil run machines, mills, and factories will face uncertain challenges inproduction and in meeting the commodity needs with a reasonable and affordable price for buyers and beneficiaries. This chain reaction of an increase in the oil price will bring forth the huge suffering related to industrial consumption.
The concerned quarters could have thought to tackle raising the prices by taking various measures including the withdrawal of duties, stopping smuggling and black marketing, opting for optimal management, checking up on wastage, and uprooting the corruption circle prevailing in the fuel oil market, its’ supplies and consumption. The common people have a simple demand to survive, and to have luxury is not an option for them. They have only a dream to lead a plain and simple life. So, we expect the taxpayers’ money will be spent wisely only for the public interest. Otherwise, this current hike might create a narrow sentiment of mass people towards the concept of being a people-friendly government.
The blow to the public in adjusting the deficit by raising fuel oil prices will make the plight deeper indeed. If the price would increase through discourse and discussion with the public, it would be a better move for the authorities concerned. Then the rights of the consumers would have been valued and somehow, we the consumers could have some solace at least.
The increased price of fuel oil is surely going to be unbearable for many. It will certainly affect our daily living with multiple quandaries and different variables. That is why a reasonable price of fuel oil is much expected. It is always hoped that the government will head towards the alternative modality to adjust the inflation and pressure of the condition of loans from the international agencies rather than keeping a yoke on the mass public.
(The writer is an academic and
psycho-social counselor).
