Texas economy

Rising fuel prices could have disastrous consequences for the economy

Jatiya Party chairman GM Quader on Saturday called the government’s decision to raise fuel prices by more than 51 percent cruel and unprecedented.

“Such an increase in fuel prices will create a great disaster in public life as the country’s economy heads towards disastrous consequences,” he warned in a statement.

GM Quader, also deputy leader of the opposition in parliament, said the move showed the government had no sympathy for the people of the country.

At a time when fuel prices are on a downward trend around the world, Jatiya party leader says the government has raised oil prices

“The benchmark crude oil price has fallen 29-30% over the past four to five months at different locations around the world. Benchmark US West Texas Intermediate (WTI) oil prices fell below $89 a barrel and rose to $124 last March,” he observed.

Stating that the international benchmark Brent crude is now selling at $94 a barrel, Jatiya party chairman said that as fuel oil prices have started to fall all over the world, rising oil prices in the country disappointed people from all walks of life. life.

GM Quader feared that the cost of transportation would rise as a result of rising fuel prices while the price of basic necessities will rise dramatically.

Furthermore, he said that the cost of producing domestic products will increase and their price will also increase, inviting disaster in the export industry.

Under these circumstances, Jatiya party leader urged the government to reconsider the anti-popular decision to raise fuel prices.