The latest tariff hike of gas and electricity will increase the cost of doing business, opined the Dhaka Chamber of Commerce and Industry (DCCI). Expressing deep concern over the new price hike DCCI in a statement on Monday urged the government to rationalise the decision to facilitate industrial, trade and economic growth in the country. “DCCI thinks that this price hike will have manifold impact on businesses. The industries and businesses will be affected badly, as it will increase the cost of doing business, which may affect the country’s export,” the statement mentioned. It said the newly-declared tariff hike will also cast multiple adverse effects on the country, pushing the inflation to double-digit with other threats to economy. DCCI said the price of LPG is already in a high level in Bangladesh despite its much lower price in the international market. The trade-body opined that the tariff hike will increase sufferings of the poor and middle-income people, as the price hike will fuel the cost of living also. “DCCI thinks price hike is not commensurate and rational enough until sufficient improvement of gas and energy supply to meet the growing and diverse need of industry, trade and other economic activities,” the statement said. Moreover, this price hike of energy and power will be added with the recently increased trade licence fee. Decision of tariff rise is going to discourage further foreign direct investment (FDI) inflow to Bangladesh in the days to come, as utility crisis has always been marked a serious concern by prospective foreign investors. Textile and RMG industry’s business growth will be immensely restrained and challenged, being the largest user of captive power. The tariff change should have been rational and justified, taking into account the real wage and socio-economic condition of mass people as well as rapid and ambitious industrial, trade and economic growth prospective in line with materialisation of Vision 2021 of GoB and vision of DCCI to make Bangladesh the 30th largest economy by 2030.
