The country's apex trade body has sought waiver of the existing duty and taxes from fuel oils and reviewing the prices of the petroleum products in greater interest of the people.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) made the appeal in a letter wrote to the Prime Minister Sheikh Hasina on August 14, 2022.
The FBCCI moves come as the prices of fuel, including diesel, kerosene, octane and petrol, have recently been raised by 47 per cent on an average.
Hailing the PM for providing various policy supports to the businesses for further strengthening the economy during Covid-19 pandemic and Russia-Ukraine war, the letter said that the recent price-hike of fuel oils would negatively impact industries, commerce, service, agriculture and overall economy as a whole.
It would put the control of multidimensional inflation in challenge, which will intensify the public sufferings, the letter signed by the FBCCI president Md. Jashim Uddin said.
Although the government took measures to overcome the temporary crisis of electricity through balance rationing, industrial productions are being hampered because of the regular load-shedding.
"We think, the power rationing should be done in a way so that industrial production and agriculture remain unharmed," it said.
So, steps can be taken immediately to bring energy prices down to the people's purchasing capacity by withdrawing taxes and duties imposed on the products.
Right now, petroleum products have to bear around 34 per cent of different taxes, including 10 per cent duty, 15 per cent value-added tax, 5 per cent advance tax and 2 per cent advance income tax, according to the letter.
The FBCCI said it believes the economy may avert the adverse effects of the fuel price rise if they are readjusted now.
Earlier on August 6 last, the Ministry of Power, Energy and Mineral Resources raised diesel price by Tk 34 to Tk 114 per litre, octane by Tk 46 to Tk 135 and petrol by Tk 44 to Tk 130 per litre.
The price of kerosene was also increased by 42.5 per cent to Tk 114.
