cover, The increase in fuel prices in Bangladesh has increased the prices of food and other essential commodities, fueling public anger and frustration and putting the country’s economy under severe pressure.
In recent days, pressure has mounted on the government of Prime Minister Sheikh Hasina, due to bitter criticism and protests from the opposition. Ahead of the protests, Hasina has sought help from the International Monetary Fund to ensure the country’s economic security.
However, experts say that the situation in Bangladesh is not as serious as in Sri Lanka. Significantly, Sri Lanka’s economy is going through a serious crisis. The President had to flee the country due to widespread protests. At the same time, people are facing acute shortages of food, fuel and medicine and are forced to stand in long queues for essential items.
Bangladesh is also facing similar problems such as overspending on ambitious development projects, corruption, public anger towards nepotism and deteriorating trade balance. It is affecting the development of Bangladesh.
The government hiked fuel prices by more than 50 percent last month to meet rising costs due to high oil prices. This rising cost of other necessities led to public protests. After this the officials ordered the sale of rice and other essential commodities at reduced prices by government dealers.
The country’s Commerce Minister Tipu Munshi said that in the latest phase of the program which started from September 1, about five crore people will be helped. He said the government has taken several measures to reduce the pressure on the low-income earners.
It is known that due to the war in Ukraine, the prices of many things have increased. While the prices were already rising due to the reduction in the impact of the Kovid-19 pandemic and improvement in demand. Meanwhile, the currencies of many countries such as Bangladesh, Sri Lanka and Laos have weakened against the dollar. This has increased the import cost of oil and other commodities.HS1MS