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Fuel price hike to stunt growth, warns MCCi

STAFF CoRRESPoNDENT
The recent price hike of petroleum products may hinder economic growth, the Metropolitan Chamber of Commerce and Industry (MCCI) warned the government yesterday.
The price increase would have a ripple effect on the economy, eroding the competitive edge of export sectors like readymade garments, the MCCI said.
"The general feeling is that the government has increased prices to collect extra revenue," MCCI Vicepresident Abdul Hafiz Choudhury
told State Minister for Energy and Mineral Resources AKM Mosharraf Hossain at his office.
"But such a step is highly questionable as it often turns counterproductive and reduces revenue collection from other sectors," he maintained.
The MCCI questioned the government's argument that domestic prices had to follow international market trends: it pointed out that a 6.8 per cent increase in world prices had been followed by a 13.7 per cent rise locally.
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MCCI
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The MCCI also said the price increase would not help check fuel smuggling, as the petroleum price is still lower in Bangladesh than in India.
It asked the government to strictly monitor fuel stations so that they cannot cheat consumers on quality and measurement.
"The vigilant units, which are due to be appointed for this purpose, somehow have not convinced consumers because in all likelihood they will be from the ministry and the BPC (Bangladesh Petroleum Corporation)," the MCCI vicepresident said.
As the price of kerosene has not been increased, "it provides incentives for adulteration of other petroleum products". Such adulteration would damage vehicle engines and pollute the environment, he said.
The MCCI delegation raised the problem of low gas pressure hurting industries.
It also pointed out that delay in setting up more CNG filling stations has set back the CNG conversion of vehicles.
The chamber said the government should make its position clear on gas exports. "In principle, we support that surplus gas should be exported, but the destination of the export being India, there should be a trade-off," the MCCI said.