Fuel prices rise: People's backs are against the wall

M. H. Sohail Fuel oil prices have been increased again. Fuel oil prices have been increased abnormally. It will have a huge impact on the general public.

Just a few months ago, the price of fuel oil was increased. Then when the car is increased, an anarchy begins. Again the government walked that way. This decision was taken to reduce the government's subsidy in the energy sector. However, as a result of the increase in the price of oil, not only the cost of car rental, but also the price of daily necessities will increase, which are beyond the purchasing power of the people.

Those who, especially the ministers, said that the price of oil has been increased in different countries of the world. Many people also talk about America. But what is the economic situation of America and the economic situation of our country? Think for yourself!

In America, various government benefits including unemployment benefits, old age benefits are given. Due to which there is no effect on the general public if the price of oil increases there. But what is the situation in our country? A common rickshaw driver or day laborer in our country does not always get their allowance. Salaries of private sector employees do not increase from time to time. However, the prices of daily necessities including rice, pulses, oil have skyrocketed. This time the price of oil has also been added. In the transport sector, increasing the price of oil will also increase the cost of goods. In such a situation, the condition of the common people will be very miserable.

Lower and lower middle classes are more in number in our country. Due to which sudden increase in prices of goods becomes difficult to handle. Maybe not a matter for elites. Because even if a kg of rice is 500 rupees, it may seem normal to them. But think what will happen to those who are inferior.

If a common laborer buys rice with the money he earns for working all day, there is no money to buy oil pulses. Now consider what their situation will be.

It is being touted that the government has taken such a decision to reduce subsidies. Moreover, it has been said that if the price of oil is not adjusted, oil is smuggled into India. But what else can be on top of the bread and butter of the common people. It is the government's responsibility to prevent trafficking. It is also a matter of thinking how reasonable it is to put that burden on the people by increasing the price without being able to prevent smuggling.

However, the price of oil in the world market has decreased in recent times. In some cases it has been seen to drop by almost half. Due to the Ukraine-Russia war, the price of fuel oil in the world market was very high. The price of oil rose to $139 per barrel. That price has also started to decrease continuously. Yesterday, Saturday (August 6), the price of oil in the international market reached less than 90 dollars! By the end of this year, traders fear a global recession. Due to the fear that this will reduce the demand for fuel, the price of oil is falling.

Oil Price.com reported in a report that both types of crude oil are now being sold for less than $100 in the international market. At the time of writing, West Texas Intermediate crude was trading at $88.43 a barrel. On the other hand, Brent crude oil was sold at 93 dollars 95 cents.

On the other hand, last Thursday, the benchmark Brend Crude fell by 2.75 percent or 2.66 dollars to 94.12 dollars per barrel, which was the lowest price since February 18.

But what we saw in our country! The current government has set a record by raising fuel prices abnormally. And the common people are crushing the journey of this record. But how many days can continue like this? Because people's backs are against the wall.

# Author: Editor, The Dhaka Times and Editor and Publisher, Monthly Development Economics.

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