Sudden fuel price hike could lead to massive inflation: CAB

Consumers Association of Bangladesh (CAB), Kishoreganj district President Alam Sarowar Tito, Executive President advocate Maya Bhowmick, General Secretary Monowar Hossein Rony jointly a statement said, this adjustment in fuel prices will have a direct and immediate impact on all stages of the supply chain, as it increases transportation and production costs.

“Fuel is linked to almost all sectors. Once its price increases, the cost of essential goods and services will increase.”

CAB, district president Alam Sarowar Tito alleged that traders often look for opportunities to increase prices and this latest price hike has created a new excuse for them.

“Business groups and hoarders have been pressuring the government to increase fuel prices for a long time. Now they have succeeded, and this will create opportunities for further price increases in the future,” he added.

CAB expressed concern that hoarders could take advantage of the situation to stockpile fuel and other commodities so that they can make extra profits.

CAB also warned that such activities could increase market instability and create artificial crises.

The impact of the fuel price hike will not be limited to fuel alone.

“From food to essential services-everything will go up in price. This will further increase the suffering of the common man, especially for the low and middle income earners,” he added.

The CAB leaders added, “The timing of the decision is also very important, because consumers are currently under the pressure of high inflation and stagnant incomes.”

Sudden price increases without proper safeguards create unfair pressure on the common man.

“If the government wanted, it could have adjusted prices gradually and in a planned manner. It is not right to suddenly increase prices at this time CAB called on the relevant authorities to strengthen market supervision to stop unreasonable price hikes and protect consumers from exploitation.

There are fears that the recent increase in fuel prices could further increase the cost of essential goods and services, which will put additional pressure on consumers already struggling with rising living costs.