Rising commodity prices have an adverse effect on the lives of citizens. Its impact is even more dire in developing countries like ours. Lower class, middle class are all suffering. Common farmers, laborers and daily wage earners are most in danger. Due to the lack of daily necessities, people’s lives have come down to starvation, malnutrition and various types of complex diseases. As a result, it has an overall effect on the national image of a country.
Recently, the Indian government has reduced oil duty, increased gas subsidy, increased supply and tried to control onion prices to curb the rise in commodity prices. America and some other countries are subsidizing the increased prices to maintain demand. But the Ministry of Finance in Bangladesh has never taken any such measures to reduce the pressure of rising commodity prices. Apart from this, the government can reduce import duty and VAT in the energy sector. Refined oil is coming to our country and it has to be imported at a higher price. There is an opportunity to bring in crude oil at lower prices, if we can set up refineries. These are not discussed, no one is given a chance to think. Rather, the authorities think that it is the easy way to raise the price of fuel oil blindly.