'Utility price-hike to hurt export sector'

UNB . Dhaka | Update:

The Exporters Association of Bangladesh (EAB) has observed that the recent increase in gas and electricity prices will affect the export sector.
Referring to the decline in export growth by 11.96 percent in the first two months of the current fiscal year, the association said the latest hike in utility tariffs would again put a question mark on the export sector’s performance.
The EAB came up with the observation through a press release signed by its president Abdus Salam Murshedy on Saturday.
The association also urged the government not to increase the fuel price now to achieve export target and gaining export capacity.
The government has increased fuel price while the exporters are struggling to cope up with the devaluation of the Euro as well as continuous reduction of product prices by the buyers, said the press release.
It was mentioned in the statement that the oil price in international market reduced to $39 from $114 and the contesting country like China, India, Vietnam, Philippine, Cambodia, Indonesia and Malaysia reduced oil price several times.
Meanwhile, China, India, Pakistan, Indonesia, Malaysia devalued their currency against dollar whereas Bangladesh overvalued Taka against Dollar, it added.
The government on last Thursday increased price of gas by 26.29 percent and electricity by 2.93 percent.

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