Saturday, June 22, 2024

Increased living, production costs feared

Manjurul Ahsan
The series of increase in prices of fuel oils and power has kept inflation going up, putting fixed and lower- to middle-income people into misery and adding to industrial production cost
After the government has increased fuel oil prices on several occasions in a year, the Bangladesh Energy Regulatory Commission on Thursday increased power prices by 20.67 per cent on average for consumers in two phases — by 13.24 per cent in December and by 7.09 per cent in February.
The commission earlier this year in February also increased the power prices for consumers by 5 per cent.
Mohammad Abul Hashem, a high schoolteacher in Narayanganj, told New Age that every month he needed to increase his family budget significantly as transport fare, goods prices and house rent are going up.
‘You need to keep spending more on transport fare and goods as fuel oil prices have increased. Now power prices have also gone up. I have to spend more on electric bill. I am not sure where other expenses will lead me to,’ he said.
Prabir Mitra, a government official living at Mirpur of the capital, said that his house owner on Thursday night had asked him to pay Tk 1,000 more for December because of the latest power price increase. The house owner said that the
rent should be increased as he would need to pay more for power, for general use and for running pump to lift water.
The government so far has increased the prices of fuel oils the ones that run vehicles and keep stoves and hurricane lamps burning by Tk 12 a litre in three phases since May.
It has also increased furnace oil price by 112 per cent or Tk 29 a litre from Tk 26 to Tk 55 a litre in five phases.
The Exporters’ Association of Bangladesh president, Abdus Salam Murshedy, said, ‘Exporters are struggling with increasing fuel oil prices, bank loan interests and decline in product prices in the European Union and the United States. Now, the power prices have been increased. It will no double speed up the decline in export.’
Zaid Bakht, research director at the Bangladesh Institute of Development Studies, told New Age that power prices were increased as the cost of production had increased. ‘But it will add to inflation.’
According to the latest data available with the Bangladesh Bureau of Statistics, the point-to-point inflation rate increased to 11.58 per cent in November from 11.42 per cent in October because of fuel oil price increase.
Although food inflation slightly declined to 12.47 per cent in November from 12.82 per cent in October, it would take a reverse turn to harm people of lower and middle-income groups, economists said.
Mustafizur Rahman, executive director of the Centre for Policy Dialogue, along with Zaid Bakht blamed the government’s fuel oil-fired rental power solution for the increase in power prices.
Mustafizur said that the rental power had become a heavy burden on the government, suggesting that the government should reduce the production cost rather than increasing power prices to ease the pressure of subsidy.
Shahedul Islam Helal, a former president of the Bangladesh Chamber of Industry, asked what the industrialists would get in return for paying more for power.
He suggested that the power outage should be scheduled and the surcharge on peak-hour power consumption and the 5 per cent of VAT on the bill should be withdrawn.
He said, ‘VAT should be realised for a service. But interrupted power supply is damaging machines and appliances. So the government cannot realise VAT from consumers unless it improves the supply situation.’

Courtesy of New Age

Related News

Over 1.04 crore animals sacrificed on Eid-ul-Adha this year

News Desk : dhakamirror.com A total of 1,04,08,918 animals were sacrificed across the country on the occasion of the holy Eid-ul-Azha this year. As many as 3, 67, 106 more animals were slaughtered this year compared to previous year, the Ministry of Fisheries and Livestock said in a press release on Tuesday. This year the ... Read more

9am-5pm office time to resume from Wednesday

News Desk : dhakamirror.com The public offices across Bangladesh are set to go back to old office timing from 9:00am to 5:00pm with Fridays and Saturdays being the weekly holidays as usual from Wednesday. The cabinet in its weekly meeting on June 3 decided restoring the old office timing between 9:00am and 5:00pm on weekdays ... Read more

5 magnitude earthquake jolts parts of Bangladesh

News Desk : dhakamirror.com A magnitude 5 earthquake jolted a large part of the country on Sunday (2 June) afternoon., including Dhaka. The quake struck at 2:44pm from a depth of about 110km, according to the Bangladesh Meteorological Department, and was centred in the Mawlaik area of Myanmar, 441 km southeast of Dhaka. The quake ... Read more

Over 2cr to be fed as daylong Vitamin ‘A’ plus campaign begins

News Desk : dhakamirror.com The National Vitamin A-plus campaign is being conducted with a target to feed the capsules to over 2.22 crore children, aged between six months and 59 months. The campaign started at 8am on Saturday (June 1) and will continue till 4pm. Feeding Vitamin A capsules prevents blindness in children, ensures normal ... Read more

Postponed notice fake, HSC exams on June 30 as per schedule

News Desk : dhakamirror.com The Higher Secondary Certificate (HSC) and equivalent exams will be held on time as per previous announcement, beginning on 30 June. The routine deferring the exams for a month that is making rounds in social media, is fake, the Board of Intermediate and Secondary Education, Dhaka said on Saturday. A circular ... Read more

3 month-long ban on fishing, tourism in Sundarbans begins

News Desk : dhakamirror.com The forest department has imposed this three-month ban on fishing and tourism in the Sundarbans. Local communities, including fishermen, wood and honey collectors, who depend on the Sundarbans for their livelihoods, are concerned about a three-month ban on all activities in the forest starting Saturday. The restriction applies to visitors, including ... Read more

Appellate Division upholds HC verdict on DU teacher Samia’s demotion

News Desk : dhakamirror.com The Appellate Division today (26 May) upheld the judgement of the High Court which declared illegal the demotion order of Dhaka University faculty Samia Rahman on charges of plagiarism. A four-member appellate bench headed by senior judge M Enayetur Rahim of the Appellate Division rejected the appeal of DU as invalid. ... Read more

3.2 million children at risk as Cyclone Remal hits Bangladesh coasts: UNICEF

News Desk : dhakamirror.com As Cyclone Remal hit the coastal areas of Bangladesh, over 8.4 million people, including 3.2 million children, are at high health, nutrition, sanitation, and safety risks, according to UNICEF. ‘Our thoughts go out to the children and their families at this critical moment as they endure the storm’s impact,’ said UNICEF ... Read more

Classes suspended at coastal area schools due to cyclone

News Desk : dhakamirror.com No classes will be held at schools in the coastal areas due to Cyclone Remal, said State Minister for Disaster Management and Relief Mohibur Rahman. He said this after a meeting of the inter-ministerial disaster management coordination committee at the Secretariat on Sunday. According to a bulletin of the Met Office, ... Read more

Cyclone Remal forms over Bay, signal 7 at Payra and Mongla

News Desk : dhakamirror.com The deep depression over the east and west central Bay of Bengal intensified into a cyclonic storm “Remal” at around 9:00 pm today and is expected to hit the country’s coasts between 6pm and 11:59pm tomorrow, according to the Bangladesh Meteorological Department (BMD). The Met Office asked the Payra and Mongla ... Read more

Admissions for Class XI start tomorrow

News Desk : dhakamirror.com The first phase of applications for Class XI admission for the 2024–2025 academic year will begin tomorrow, May 26, and run through June 11th. According to the XI class admission circular 2024-25, the online application system is divided into three phases with designated application windows, result announcements, and confirmation periods. Students ... Read more

Exam will not be postponed for Cyclone Remal: NU

News Desk : dhakamirror.com The National University has decided not to postpone the Introduction to Government Policy exam for 4th-year Political Science honours students for the academic year 2022, despite the warning for the approaching Cyclone Remal. The exam is scheduled to be held on Sunday (26 May) at 1:00pm, the same day that the ... Read more

Gold price cut by Tk 1,084 per bhori

News Desk : dhakamirror.com The prices of gold in the country’s local market witnessed a fall on Thursday as the Bangladesh Jewellers’ Association (Bajus) slashed the price of 22-carat gold by Tk 1,084 per bhori (11.664 grammes). The new rate for the precious metal will come into effect on Friday, BAJUS said in a press ... Read more

Don’t pay anyone for visas, or work permits: Italian envoy

News Desk : dhakamirror.com Italian Ambassador to Bangladesh, Antonio Alessandro, advised visa-seekers not to pay anyone for visas, emphasising that the embassy only charges small taxes and processing fees. “Our services are free except for these official fees,” he said today (21 May) following a meeting with Shofiqur Rahman Choudhury, the State Minister for Expatriates’ ... Read more

Bangladeshi mountaineer Babar Ali conquers Everest

News Desk : dhakamirror.com Babar Ali from Chattogram has summited Mount Everest and raised the red and green flag on the world’s highest peak. He reached the summit at 8:30am local time (8:45am Bangladesh time) on Sunday, proudly raising the red and green flag of Bangladesh. He began his journey on 1 April, after necessary ... Read more

Price of gold increases by Tk1,178 per bhori

The new rate will be effective from Sunday (19 May) News Desk : dhakamirror.com The Bangladesh Jewellers Association (Bajus) today (18 May) increased the price of gold by Tk1,178 per bhori, followed by a price hike in the local bullion market. According to a Bajus statement, 22-carat gold will now cost Tk1,18,460 per bhori (11.664 ... Read more

9 Bangladeshis named in Forbes “30 Under 30 Asia” list

News Desk : dhakamirror.com Nine Bangladeshis have been named in Forbes “30 Under 30 Asia” list for their contributions across various industries. Forbes announced its prestigious “30 Under 30 Asia” list for the ninth consecutive year yesterday (15 May), showcasing 300 exceptional young individuals under the age of 30 who are making significant strides across ... Read more

SC Stays HC Verdict On Condemn Cell

News Desk : dhakamirror.com The Appellate Division on Wednesday stayed a High Court verdict that asked the jail authorities not to put death sentence inmates in the solidarity confinement before the end of all legal processes. The Appellate Division judge in chamber, Justice M Enayetur Rahim, granted the stay after hearing an appeal filed by ... Read more

BRTA to take ‘no helmet, no fuel’ policy for bikers

News Desk : dhakamirror.com Besides, no battery-run auto-rickshaws will be allowed to operate in Dhaka The Bangladesh Road Transport Authority (BRTA) has decided to take a “no helmet, no fuel” approach for motorcycle riders across the country. Besides, no battery-run auto-rickshaws will be allowed to operate in Dhaka, according to decisions taken at a meeting ... Read more

MV Abdullah finally arrives at Ctg port

News Desk : dhakamirror.com The 23 crew members of Bangladeshi flag carrier MV Abdullah, which was recently freed from the captivity of Somali pirates, has reached the Chittagong Port today (14 May). The Chittagong Port Authority has a reception at the New Mooring Container Terminal (NCT) to welcome back the sailors. Their family members are ... Read more