FBCCI President Md Jashim Uddin on Tuesday said the readjustment of fuel prices would decrease the pressure on the national economy.
The head of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) welcomed the decision of price reduction of diesel, kerosene, petrol, and octane just a day after the government cut the import tariff and withdrew advance duty.
The country’s apex trade body chief thanked Prime Minister Sheikh Hasina for the readjustment of fuel prices in the public interest, according to a statement.
Earlier on August 14, the FBCCI wrote a letter to the prime minister requesting a cut in duties and adjusting the prices of fuel.
On August 28, the Internal Resources Division under the Ministry of Finance issued a gazette notification slashing the tariff on diesel import from 10 per cent to 5 per cent and withdrawing the existing 5 per cent advance duty.
The order came into effect immediately and will remain in force till December 31.
Jashim termed the tariff cut decision as economy-friendly.
He said the readjustment of fuel prices would decrease overall business costs, including production and transport. Besides, irrigation would also be more affordable than before.
Overall, he said, this would impact the economy positively taming inflation.
The FBCCI chief urged the traders to reduce the prices of goods and services at the rate at which the cost of production and business decreases following the cut in fuel prices.
