Soaring oil prices hit millions of poor people in Bangladesh

INDIA: Soaring prices of oil products have affected millions of low-income people in Bangladesh.

When contacted by Xinhua Quazi Shahabuddin, director general of the Bangladesh Institute of Development Studies (BIDS), a state owned think tank, said price hikes of kerosene and diesel will affect the low-income people most, as they are the principal consumers of the two oil products.

“It’s true that the government had no alternative but to enhance the prices to reduce the subsidy. Despite that, it could have given a second thought in case of raising the prices of kerosene and diesel. The step will hurt low-income people,” he said.

The Bangladeshi caretaker government Tuesday increased the prices of oil products, including diesel and kerosene, from 37 percent to 67 percent in an attempt to narrow down the gap between the domestic and international prices.

The crude oil price reached 146 U.S. dollars a barrel in the international market.

The prices of essential products in local markets also increased following the hike of oil products. The price rises of essential goods make the life of low-income people from worse to worst.

Sirajul Hoq, a day-laborer, who earns 150 taka (about 2.1 U.S. dollars) a day, said he is facing the financial agony as the prices of essentials have started to go up after the announcement of increasing prices of oil products.

“All the essential products prices are rising day by day, but my income is not rising accordingly, the poor people like me really can’t afford it,” he said.

Dhaka, Monday,Xinhua