The Dhaka Chamber of Commerce and Industry (DCCI) has raised a concern about the recent electricity tariff hike, saying that this will be a challenge for the private sector.
"The recent retail electricity tariff hike, although relatively minimal, will ultimately create an additional economic burden on the smooth operations of the private sector and power-intensive industries," DCCI President Barrister Md Sameer Sattar said in a statement on Saturday.
The country's economy has already been experiencing unprecedented challenges due to the on-going global economic crisis and broken supply chain system, he said.
And one of the pressing challenges facing the country's economy is the primary energy supply crunch as Bangladesh is heavily dependent on huge import of primary energy resources, he added.
The private sector is already struggling with high inflation and devaluation of local currency along with other economic challenges, though the government is compelled towards such a move due to volatile international energy prices, the DCCI president pointed out.
He expressed the hope that the government would continue to adjust the power tariff rationally in order to minimise the adverse impacts on the private sector and local industries.
Mentioning that the government started working on a plan to introduce a system for adjusting power and energy prices every month, he appealed to the government for a competitive, predictable and gradual hike in electricity tariff so as to avoid any sudden price shock to the private sector.
Since price hike is inevitable given the current situation, it is important that the government should adopt a predictable price hike policy so that the private sector can make necessary planning beforehand for their businesses, he suggested.
"Through this, the private businesses will be able to take considered decisions as to how they will strategise their businesses for the days to come," he said.
"Also, even if there is a price hike to deal with the current challenges, it is important that the government should be prepared to bring the power prices down once the challenges are over. It should not be a one-way road."
The DCCI president also urged the government to explore renewable and alternative energy sources and prioritise local gas exploration.
To deal with any power shortage, the government should regularly check the efficiency of all power plants and minimise any system loss, he said.
The energy and power are key resources to maintain industrial and investment competitiveness in Bangladesh, he added.
talhabinhabib@yahoo.com