Bangladeshis seethe over record-high fuel prices

Discontent is soaring across Bangladesh over the government's recent hike in fuel prices to levels not seen since the country's independence.

The main opposition Bangladesh Nationalist Party (BNP) along with dozens of other political and socio-economic organizations and members of civil societies have been staging protests nationwide since the price hikes came into effect Friday, including in the capital, Dhaka.

Bangladeshi authorities revised fuel prices at the consumer level late Friday which went into effect at midnight, raising the prices of petrol, diesel fuel and kerosene by nearly 50%, the biggest increase in 51 years.

But the protests took on a new dimension Monday as members of the Jatiya Party took to the streets in protest against the price hike.

The Jatiya Party is the main opposition party in parliament and was founded by Bangladesh's late President Hussain Muhammad Ershad. His nine years of autocratic rule came to an end through a massive democratic movement in 1990.

The party declared two days of protests against the price hikes and will stage demonstrations and rallies across the country on Tuesday, according to party sources.

ADVERSE IMPACT ON EXPORTS, IMPORTS

Meanwhile, economists warned that the increase in fuel prices would negatively affect the country's exports and imports.

"Especially the country's exports will face a serious adverse situation as the production and transport costs of exporting items will be almost double due to the price hike in fuels," Anu Muhammad, a professor of economics and senior financial analyst, told Anadolu Agency.

With exporters already under pressure from a decline in demand for products in the global market due to the economic turmoil since the start of the Russia-Ukraine war, extra production and transport costs will only worsen the situation, according to analysts.

"The government must backtrack from its destructive decision, which will hamper exports, imports and complicate ordinary people's lives," Muhammad added.

He noted that despite decreases in fuel prices in the global market, Bangladesh kept prices unchanged, so the government made a profit of nearly 470 billion Bangladeshi Taka (approximately $5 billion) over the past couple of years.

The South Asian country earned more than $38.75 billion from the exporting sector in the 2020-21 fiscal year, according to government data.

WRIT FILED IN HIGH COURT

A writ was filed in the High Court of Bangladesh on Monday against the government, challenging the legality of the latest hike in fuel prices.

A senior lawyer of the country's top court filed the petition in the public interest.

Meanwhile, reports of altercations between passengers and public transporters have been reported from across the country.

Following the fuel price hike, fares of all modes of public transport have reportedly nearly doubled.

Speaking to Anadolu Agency, many commuters said quarrels between passengers and bus conductors have become common in Dhaka.

They called on the government not to impose a new burden on people while they are already suffering from inflation and huge price hikes in all other essential commodities.