Fuel price re-adjustment will reduce pressure on economy: FBCCI President

Desk Report: Amid the global crisis, the recent re-adjustment of fuel tariff would decrease the pressure on the national economy.

Therefore, FBCCI president Md Jashim Uddin welcomed the decision of price reduction of diesel, petrol, octane and kerosene just after a day of cut in import duty and withdrawal of advance tax. The President thanked the Hon’ble Prime Minister Sheikh Hasina for re-adjustment of fuel oil prices in public interest.

Earlier on August 14, FBCCI wrote a letter to the Hon’ble Prime Minister requesting a duty and tax cut and adjusting the price of fuel. On August 28, the National Board of Revenue issued a gazette notification reducing import duty on diesel from 10 percent to 5 percent and withdrawing 5 percent advance tax.

FBCCI President feels that to avoid pressure on the economy, according to the timely direction of the Hon’ble Prime Minister, the NBR has taken this economy-friendly decision.

This re-adjustment of fuel price would decrease overall business costs, including production and transportation costs. Irrigation will also be more affordable than before. FBCCI believes that this will positively impact taming inflation.

President Md. Jashim Uddin urged the businessmen to reduce the price of goods and services at the rate at which the cost of production and business will decrease as a result of reducing the price of fuel oil.

FBCCI firmly believes that the development journey of the country will continue with the prudent leadership and business-friendly policy support of the Honorable Prime Minister Sheikh Hasina.